Abstract: There is a process for the production of a liquid fuel and of a gaseous fuel from biomass. The biomass is sent to a pre-treatment section to form a homogeneous phase that can be moved and/or pumped, wherein inert parts are separated from the biomass and the biomass shredded and/or ground to reduce its size. The homogeneous phase obtained is then subjected to subcritical hydrothermal liquefaction at a temperature between 240° C. and 310° C. to form a liquefied phase. The liquefied phase is separated. After separation, the process continues in two alternative and mutually exclusive modes. In the first mode, the first aqueous phase is subjected to an anaerobic reaction with multiple stages producing biogas; the oily phase is separated into a bio-oil and a solid residue. In the second mode, the separate mixed phase is separated by density or dynamics forming a first aqueous phase, bio-oil and a gaseous phase.