A study of the gamma radiolysis of the aerated ethanol-water system in a wide range of compo nent concentrations has shown that the main process occurring in this system is selective radiation induced oxidation of ethanol to acetaldehyde. The byproducts accumulating in the liquid phase are 2,3 butanediol and formaldehyde. The selectivity of the process increases with an increase in the alcohol content and decreases with an increase in the radiation dose. A theoretical radiolysis model created in this study is in good quantitative agreement with experimental data. Calculated product buildup curves exhibit breaking points characterized by an abrupt change in the radiation chemical yield. Their origin is due to the complete burn out of oxygen in the closed system or its insufficiently rapid transfer to the liquid in the two phase liquid/gas system.