The CO 2 -to-methanol (CTM) process can realize the recycling of carbon resources and mitigate the global greenhouse effect. However, the low CO 2 conversion rate is a consequence of the thermodynamic equilibrium, which restricts the direct hydrogenation of CO 2 to methanol (CTM I ). Furthermore, there exists a state of kinetic competition between the reaction that produces methanol and the reaction that reverses the water−gas shift, which leads to the low selectivity of methanol.To solve these problems, a new process of indirect hydrogenation of CO 2 to methanol and the coproduction of ethylene glycol (CTM II ) was proposed in this paper. The steady state modeling, energy integration, and technoeconomic evaluation of the new process were carried out. It was found that the carbon and hydrogen utilization rates of the CTM II process were 98.95% and 98.63%, respectively, corresponding to increases of 2.99% and 34.21%, respectively, compared to those of the CTM I process. The selectivities of methanol and ethylene glycol in the CTM II process are 47.44% and 52.56%, respectively. Under the current economic conditions (0.35 CNY/kWh electricity, 1.8 CNY/m 3 natural gas, 5000 CNY/t ethylene glycol, and 17.5 CNY/kg H 2 ), the production cost of the CTM II process was 2572 CNY/t-CH 3 OH, 38.82% lower than that of the CTM I process. The net present value was calculated, and a sensitivity analysis of the relationship between hydrogen and production costs was performed. When the H 2 price dropped to 13.6 CNY/kg, the product cost of CTM II could compete with that of the coal-to-methanol process, showing great economic potential for the future. This study presented a novel approach for the utilization of CO 2 resources and broadened the path for green and low-carbon production of methanol.