The invention relates to a process for the production of hydrogen peroxide by the anthraquinone process, comprising a hydrogenation stage, an oxidation stage and an extraction stage. According to the invention, catalytic hydrogenation of anthraquinone derivatives dissolved in a working solution is carried out in the presence of added molecular oxygen. Per mol hydrogen, 0.1 to 10 mmol oxygen is preferably introduced into the hydrogenation stage with the hydrogenating gas, in mixture with an inert gas and/or dissolved and/or dispersed in the working solution. This increases the residence time of the catalyst.