The joint transformation of methanol and n-butane has been studied under energy-neutral conditions (methanol/n-butane molar ratio of 3/1) on an HZSM-5 zeolite catalyst in order to determine the reactivation kinetics and optimize the process conditions for maximizing the light olefin production rate. The methodology for determining the reactivation kinetics combines the kinetic models for the main reaction and deactivation (determined in previous studies), as well as the experimental reactivation results obtained for a reaction step (at 500 and 550 °C) subsequent to regeneration by coke combustion with air (at 550 °C, up to 120 min). By simulation of the operation in reaction–regeneration cycles, an optimum average olefin production rate of 22 mol/(gcatalyst h) is obtained for a reaction temperature of 500 °C, space time of 0.37 gcatalyst h mol–1, time on stream of 40 min, and partial reactivation by coke combustion for 15 min.