Abstract: The invention provides a process for producing ethyl esters and hydrocarbons from lignocellulosic biomass materials. The process comprises two steps: the first step being an acid ethanolysis (solvolysis with ethanol) of the biomass in oxidizing medium; the second step being the catalytic conversion of the by-product diethyl ether and, optionally, light ethyl esters, into hydrocarbons over ZSM-5 zeolite catalyst. Cellulose, hemicellulose and part of the lignin are converted in the first step. The oxidizer used in this first conversion step is preferably and most preferably hydrogen peroxide activated by Fe (II) (Fenton-type reagent), and/or Ti (IV) ions. The final products may include ethyl levulinate (diesel-grade additive), light ethyl esters (ethyl formate and ethyl acetate), levulinic acid, succinic acid, methanol, gasoline-range hydrocarbons and C2-C4 hydrocarbons.