A hydrogen production process with high hydrogen yield at a low temperature is described. First, an aqueous methanol solution with water/methanol molar ratio between about 0.75 and about 2.5 is pre-mixed with oxygen in an oxygen/methanol molar ratio not greater than about 0.5. The mixture is then directed to pass through an activated supported gold catalyst undergoing an oxidative steam reforming of methanol to generate a hydrogen-rich gas with CO content less than 1% at a low reaction temperature (T.sub.R>150.degree. C.). Gold particles on active supported gold catalysts have been dispersed to a size of 6 nm or less. The oxidative steam reforming of methanol may generate more than 2 moles of hydrogen for each mole of methanol consumed.