Continuous hydrothermal liquefaction (CHTL) of lignocellulosic biomass with subsequent hydrotreating is carried out to study the effect of NH3 versus NaOH as alkaline HTL catalyst. Product analysis include Py-GCxGC–MS, simulated distillation and fractional distillation. Ammonia enhances biocrude quality slightly in terms of H/C ratio, density and HHV, but a significant coke formation of 11wt.% is observed. Furthermore, ammonia pollutes the biocrude with 2.7wt.% nitrogen, which is observed to inhibit hydrotreating conversion. In comparison, CHTL with NaOH is associated with a 43wt.% yield of a hydrotreatable biocrude, stable TOC levels during aqueous phase recirculation and mass, carbon and energy balance closure. Hydrotreating eliminates the TAN, reduces oxygen to 2–3wt.% and produces a promising fuel bio-blendstock with ultra-low sulphur and a diesel fraction equal to 43%.