NOVELTY - Producing a liquid hydrocarbon-containing product from biomass, comprises (a) pyrolyzing the biomass in the presence of hydrogen and a deoxygenation catalyst to provide a hydropyrolysis effluent comprising a partially deoxygenated hydropyrolysis product and char, and (b) hydroconverting the partially deoxygenated hydropyrolysis product in the presence of a hydroconversion catalyst to provide a hydroconversion effluent comprising the liquid hydrocarbon-containing product and a water-containing product.    USE - The process is useful for producing a liquid hydrocarbon-containing product (claimed), which is useful to produce diesel fuel and gasoline.    ADVANTAGE - The single step process is capable of efficiently producing liquid hydrocarbon-containing product with high yield in an economical manner.    DETAILED DESCRIPTION - Producing a liquid hydrocarbon-containing product from biomass, comprises: either (a) pyrolyzing the biomass in the presence of hydrogen and a deoxygenation catalyst to provide a hydropyrolysis effluent comprising a partially deoxygenated hydropyrolysis product and char, and (b) hydroconverting the partially deoxygenated hydropyrolysis product in the presence of a hydroconversion catalyst to provide a hydroconversion effluent comprising the liquid hydrocarbon-containing product and a water-containing product, where deoxygenation in step (a) and hydroconversion in step (b) are carried out to an extent, and the liquid hydrocarbon-containing product has sufficiently low oxygen content to be phase-separable from the water-containing product; or (a1) the step (a) as above per se, (b1) hydroconverting the partially deoxygenated hydropyrolysis product in the presence of a hydroconversion catalyst to provide the hydroconversion effluent comprising the liquid hydrocarbon-containing product, a water-containing product, and a gaseous mixture comprising carbon monoxide and 1-3C-hydrocarbons, and (c1) steam reforming at least a portion of the gaseous mixture, using at least a portion of the water-containing product, where the liquid hydrocarbon-containing product has an oxygen content of less than 5 wt.%; or the steps (a1)-(c1) as above per se, in which the step (c1) is carried out following separation, where the steam reforming step generates sufficient hydrogen gas for consumption in hydropyrolysis step and hydroconversion step, and the steps (a1)-(c1) are operated with a net production of water.