NOVELTY - Producing liquid products from biomass comprises: (a) introducing biomass and reformed molecular hydrogen into a hydropyrolysis reactor vessel (10) containing a deoxygenating catalyst and hydropyrolyzing the biomass, producing carbon dioxide (CO2), carbon monoxide (CO) and 1-4C gas, a partially deoxygenated pyrolysis liquid, char, and first stage heat; (b) removing the char from liquid; (c) hydroconverting the pyrolysis liquid in a hydroconversion reactor vessel; (d) steam reforming a portion of gaseous mixture using water; and (e) recycling liquid product to hydropyrolysis reactor vessel.    USE - The process is useful for producing liquid products from biomass, which is separated into diesel and gasoline fractions suitable for use as transportation fuel (claimed).    ADVANTAGE - The process is a substantially self-sustaining process or multi-stage hydropyrolysis process for creating high quality liquid fuels from biomass.    DETAILED DESCRIPTION - Producing liquid products from biomass comprises: (a) introducing biomass and reformed molecular hydrogen into a hydropyrolysis reactor vessel (10) containing a deoxygenating catalyst and hydropyrolyzing the biomass, producing carbon dioxide (CO2), carbon monoxide (CO) and 1-4C gas, a partially deoxygenated pyrolysis liquid, char, and first stage heat; (b) removing the char from the partially deoxygenated pyrolysis liquid; (c) hydroconverting the partially deoxygenated pyrolysis liquid in a hydroconversion reactor vessel using a hydroconversion catalyst in the presence of the CO2, CO and 1-4C generated in step (a), producing a substantially fully deoxygenated pyrolysis liquid, a gaseous mixture comprising CO, CO2, and light 1-4C or 1-5C hydrocarbon gases, and second stage heat; (d) steam reforming a portion of the gaseous mixture using water produced in step (a) and (c), producing the reformed molecular hydrogen, where the steps (a) and (c) are operated at conditions under which 40-60% of oxygen in the biomass is converted to H2O and 40-60% of the oxygen is converted to CO and CO2; and (e) recycling a portion of the liquid product created in step (c) to the hydropyrolysis reactor vessel or hydroconversion reactor vessel (11) to control temperature in it.    DESCRIPTION OF DRAWING(S) - The figure shows a schematic flow diagram of the process for producing liquid fuels from biomass.    Hydropyrolysis reactor vessel (10)    Hydroconversion reactor vessel (11)    High pressure separators (12, 13)    Low pressure separator (14)    Steam reformer. (15)