A process for producing liquid hydrocarbon products from a biomass-containing feedstock and/or a biomass-derived feedstock is provided. The process comprises: a) contacting the feedstock with a hydropyrolysis catalyst composition and molecular hydrogen in a hydropyrolysis reactor vessel to produce a product stream comprising a partially deoxygenated hydrocarbon product, H2O, H2, CO2, CO, C1-C3 gases, char and catalyst fines; b) removing char and catalyst fines from said product stream; c) cooling the remaining product stream to a temperature in the range of from 150 to 400° C.; and d) hydroconverting said partially deoxygenated hydrocarbon product in a hydroconversion reactor in the presence of one or more catalyst compositions suitable for hydrodeoxygenation and aromatic saturation of the partially deoxygenated hydrocarbon product in the presence of H2O, CO2, CO, H2, and C1-C3 gas generated in step a), to produce a vapour phase product comprising a C4+ hydrocarbon product.