Process for producing lipids and other organic compounds from biomass comprising the following steps: (a) subjecting said biomass to extraction, at room temperature, in the presence of at least one low-boiling point solvent, thereby obtaining a first organic phase comprising lipids and solvent, and a first slurry phase comprising carbohydrates and proteins; (b) subjecting the first organic phase obtained in said step (a) to evaporation of the solvent, obtaining a second organic phase comprising lipids and a third organic phase comprising solvent, which is recycled to said step (a); (c) subjecting the first slurry phase obtained in said step (a) to liquefaction operating at a temperature ranging from 100° C. to 200° C., preferably ranging from 110° C. to 180° C., at a pressure greater than the water vapor pressure at the temperature at which said liquefaction is carried out, for a time ranging from 30 minutes to 300 minutes, preferably ranging from 50 minutes to 270 minutes, thereby obtaining a second slurry phase comprising sugars, proteins and unconverted carbohydrates; (d) subjecting the second slurry phase obtained in said step (c) to separation, obtaining an aqueous phase comprising sugars and a wet solid phase comprising proteins and unconverted carbohydrates. The lipids thus obtained may be advantageously used in the production of biodiesel or green diesel that may be used, in turn, as such, or in mixtures with other fuels, for automotive transport. The aqueous phase comprising sugars and the wet solid phase comprising proteins and unconverted carbohydrates thus obtained may in turn be exploited.