The invention refers to a method of processing of stalks of fibre crops, in particular hemp and/or flax, with production of cellulose, ethanol as a 2nd generation fuel, and feeder yeast with high protein concentration. The method of processing of stalks of fibre crops consists in combining of modified sulphite or sulphate methods with methods of purification of spent digesting liquor, its alcoholic and yeast fermentation, and subsequently, after another purification, its returning to the process. Basic technology is supplemented with special procedure of raw material preparation, which increases efficiency of manufacture and quality of the products. Invented method may be applied in paper and cellulose industry. The method according to the invention is in principle waste-free and very elastic, which enables changes of proportions between manufactured products in wide range.