Direct one-pot transformation of lignocellulosic biomass has been developed as an effective and sustainable strategy to produce fuel blend stocks and high value chemical building blocks. In this wok, a bi-functional catalyst system consisting of palladium supported on carbon (Pd/C) and metal triflates (i.e., Sm(OTf)<
sub>
3<
/sub>
, La(OTf)<
sub>
3<
/sub>
, and Cu(OTf)<
sub>
2<
/sub>
) were shown to promote the biomass liquefaction in both hot-compressed water and supercritical ethanol medium, converting fir wood into oxygenated compounds. We report the highest bio-oil yield from hydrothermal liquefaction (HTL) was 10.47 wt% over Pd/C whereas the highest bio-oil yield of 49.71 wt% was achieved from supercritical ethanol liquefaction (SCEL) over the bi-functional catalyst system of Pd/C and La(OTf)<
sub>
3<
/sub>
. Higher heating values, carbon recovered values and boiling point distributions were further determined for elucidating the physical properties of the bio-oils. Gas chromatography mass spectrometry (GC?MS) analysis of the bio-oils revealed the chemical composition of the bio-oils. Substituted phenols and cyclopentenone/cyclopentanone type compounds consisted of more than 60 area% of the total products from HTL, whereas phenol and esters represented the major products from SCEL. The major reaction pathways are proposed based on the GC?MS results, which include depolymerizaton, isomerization, dehydration, condensation, and hydrogenation.