The attenuating effect of reaction-medium water (feed and/or reaction product) on the kinetics of the steps of methanol transformation into hydrocarbons on a HZSM-5 zeolite catalyst was studied by means of a kinetic model. In this model, the effect of water was quantified in all the steps of the kinetic scheme by means of a kinetic parameter, which is constant with temperature under the conditions of the MTG process. At low temperature, under conditions in which only methanol dehydration occurs, the kinetics of this reaction is attenuated by the presence of water, and the coefficient that quantifies the attenuation decreases as temperature is increased. In addition to considering the effect of water content in the reaction medium, another innovation of the kinetic model proposed, compared to those proposed in the literature consisting of lumps, is the fact that the higher reactivity of dimethyl ether over methanol is taken into account. A step of cracking of gasoline lump hydrocarbons to produce light olefins (ethene and propene) was also taken into account. The kinetic model proposed was verified by using the results obtained in an integral isothermal fixed bed reactor, in the 573-723 K range, for an ample range of space time values. The results revealed that the effect of water is due to its adsorption on the active sites by competition with the intermediate compounds of the kinetic scheme.