The object of the invention is a method for installing an elevator in the construction phase of a building. The elevator comprises an elevator car adapted to move reciprocally in an elevator hoistway in the construction phase and a compensating weight, which is connected via a suspension beam to support the elevator car by means of at least one suspension member and also by means of diverting pulleys. The elevator has a temporary hoisting machine provided with a traction sheave, the hoisting machine being kept in its position for the whole duration of the construction phase of the building, and a traction member, such as a belt, rope or chain, which is adapted to transmit the rotational movement of the traction sheave into movement of the elevator car and of the compensating weight. During the construction time, the supporting and the moving of the elevator car are separated from each other. When taking the elevator into normal operation when the building is at its final height, the construction-time hoisting machine with its traction sheave and traction member is removed, and the new hoisting machine plus traction sheave and hoisting roping is installed into position.
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