The invention discloses a hydrogenation process for hydrogen peroxide production. The process comprises the following steps: (1) in a hydrogenation process for producing hydrogen peroxide by an anthraquinone process, arranging a hydrogenation tower I, a hydrogenation tower II and a hydrogenation tower III, and feeding hydrogen gas in three channels, i.e., hydrogen gas I, hydrogen gas II and hydrogen gas III; (2) mixing and dissolving working fluid feed and the hydrogen gas I in high-pressure gas dissolving equipment, and then, enabling the solution to enter the hydrogenation tower I for a first-stage hydrogenation reaction; (3) mixing and dissolving effluent of the first-stage hydrogenation reaction and the hydrogen gas II in the high-pressure gas dissolving equipment, and then, enabling the solution to enter the hydrogenation tower II for a second-stage hydrogenation reaction; (4) mixing and dissolving effluent of the second-stage hydrogenation reaction and the hydrogen gas III in the high-pressure gas dissolving equipment, and then, enabling the solution to enter the hydrogenation tower III for a third-stage hydrogenation reaction; and (5) enabling a material obtained after the third-stage hydrogenation reaction to flow out, carrying out gas-liquid separation, and going to next procedure. According to the process, through controlling the proportion of dissolved hydrogen, not only can a relatively high hydrogenation effect be achieved, but also minimal anthraquinone degradation products are obtained, so that the improvement on product concentration and device scale and the lowering of the consumption of a catalyst and anthraquinone are facilitated.