In this report we examined the effect of moisture on the solvent liquefaction of loblolly pine, cellulose, and lignin in tetralin at 280 �C and pressures ranging from 15 to 70 bar. Solvent liquefaction experiments were conducted in a quasi-batch reactor capable of continuous pressure control and external vapor condensation. Moisture was varied by the controlled addition of de-ionized water. Control over the system pressure subsequently impacted the removal of water vapor from the reactor. Liquid yield decreased by 25, 21, and 35 wt%, for pine, cellulose, and lignin, respectively, when moisture content was increased from 1 to 50 wt% at 42 bar. Humins were observed in the solid residue from liquefaction of wet cellulose. Wet lignin yielded a substantial amount of solid residue compared to dry lignin with a corresponding decrease in total phenolic monomer production. It was concluded that the ionic dissociation of water was an important factor in loss of liquid yield in the presence of water. Although water was less than 20 wt% of the solvent loading in these experiments, it strongly influenced the liquefaction of biomass and biomass components.