Conveyor baking oven for the continuous baking operation, - with at least two conveyor baking spaces (7, 8), - with a plurality of oven modules (2 i, 3 i) with baking spaces, which combine to form the conveyor baking spaces (7, 8) between a respective initial oven module (2 1, 3 1) arranged in a leading manner when seen in the bakery product conveying direction, and a respective final oven module (2 N, 3 N), which is the last in row when seen in the bakery product conveying direction, - wherein the oven modules (2 i, 3 i) have a multi-level arrangement such as to define the at least two conveyor baking spaces (7, 8) of the oven modules (2 1, 3 1), arranged on top of one another, - with a bakery product conveyor device configured to continuously convey bakery products between the respective initial oven module (2 1, 3 1) and the respective final oven module (2 N, 3 N) of one of the conveyor baking spaces (7, 8), characterized by a - thermal oil heating device having at least one thermal oil heat exchanger (11, 12) configured to heat the conveyor baking spaces (7, 8) by means of radiant heat, - wherein the conveyor baking spaces (7, 8) are heated via direct radiant heat from the thermal oil heat exchangers (11, 12), - wherein an oven module (2 1, 3 1) of the conveyor baking oven has a thermal oil heat exchanger (11, 12) for generating top heat and/or a thermal oil heat exchanger (11, 12) for generating bottom heat, - with a convection device for guiding circulating air via at least one circulating air cycle through the baking spaces, wherein the at least one thermal oil heat exchanger (11, 12) is part of the at least one circulating air cycle, - wherein the convection device is designed such that, depending on the design of the heat exchanger and depending on the circulating air control of the convection device, one of the heat transfer mechanisms "radiant heat" or "heat dissipation to circulating air" may then be dominant. - with at least two conveyor baking spaces (7, 8), - with a plurality of oven modules (2 i, 3 i) with baking spaces, which combine to form the conveyor baking spaces (7, 8) between a respective initial oven module (2 1, 3 1) arranged in a leading manner when seen in the bakery product conveying direction, and a respective final oven module (2 N, 3 N), which is the last in row when seen in the bakery product conveying direction, - wherein the oven modules (2 i, 3 i) have a multi-level arrangement such as to define the at least two conveyor baking spaces (7, 8) of the oven modules (2 1, 3 1), arranged on top of one another, - with a bakery product conveyor device configured to continuously convey bakery products between the respective initial oven module (2 1, 3 1) and the respective final oven module (2 N, 3 N) of one of the conveyor baking spaces (7, 8), characterized by a - thermal oil heating device having at least one thermal oil heat exchanger (11, 12) configured to heat the conveyor baking spaces (7, 8) by means of radiant heat, - wherein the conveyor baking spaces (7, 8) are heated via direct radiant heat from the thermal oil heat exchangers (11, 12), - wherein an oven module (2 1, 3 1) of the conveyor baking oven has a thermal oil heat exchanger (11, 12) for generating top heat and/or a thermal oil heat exchanger (11, 12) for generating bottom heat, - with a convection device for guiding circulating air via at least one circulating air cycle through the baking spaces, wherein the at least one thermal oil heat exchanger (11, 12) is part of the at least one circulating air cycle, - wherein the convection device is designed such that, depending on the design of the heat exchanger and depending on the circulating air control of the convection device, one of the heat transfer mechanisms "radiant heat" or "heat dissipation to circulating air" may then be dominant.