A process for converting biomass to hydrocarbons and oxygenates that may include providing a biomass feedstock and de-oxygenating the biomass feedstock to form a solid-intermediate. The process may further include liquefaction of the solid intermediate, which may be carried out either by rapid heating followed by condensation or by liquefying by applying high pressure. The liquefaction of the solid intermediate may produce a mixture of hydrocarbons and oxygenates, which is generally termed as biocrude. Further, the biocrude is processed by one or more refining means for production of hydrocarbons that can be used as fuel.