A conveyor baking oven for continuous baking operation has at least two conveyor baking spaces. A plurality of oven modules of the baking oven have baking spaces, which combine to form the conveyor baking spaces between a respective initial oven module arranged in a leading manner when seen in the bakery product conveying direction, and a respective final oven module, which is the last in row when seen in the bakery product conveying direction. The oven modules have a multi-level arrangement such as to define the at least two conveyor baking spaces. A bakery product conveyor device is used to continuously convey bakery products through the conveyor baking spaces. A thermal oil heating device having at least one thermal oil heat exchanger is used to heat the conveyor baking spaces by radiant heat. The resulting conveyor baking oven is operable efficiently and adaptable to various throughput requirements.