The present work describes highly efficient hydrogen production from ethanol in a plasma-catalytic reactor depending on the discharge power and catalyst bed temperature. Hydrogen production increased as the power increased from 15 to 25 W. A further power increase to 35 W did not increase hydrogen production. The catalyst was already active at a temperature of 250 °C, and its activity increased with increasing temperature to 450 °C. The further temperature increase did not increase the activity of the cobalt catalyst. The most important advantage of using the catalyst was the increased ethanol conversion to CO2 instead of CO production. As a result, the hydrogen yield was very high and reached 4.1 mol(H2)/mol(C2H5OH). This result was obtained with a stoichiometric molar ratio of water to ethanol of 3.