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 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 of no more than 300° C.; and d) hydroconverting all or a portion of said deoxygenated hydrocarbon product in a hydroconversion reactor in the presence of one or more catalyst compositions suitable for the aromatic saturation of the deoxygenated hydrocarbon product and of the H2O, CO2, CO, H2, and C1-C3 gas generated in step a), to produce a product comprising C4+ hydrocarbon product, H2O, CO, CO2, and C1-C3 gases.