This study investigated the depolymerization of lignin into aromatic monomer compounds under hydrothermal conditions. A reaction scheme highlighting secondary alkylation reactions as well as the molecular weight shift was developed based on the experimental data. Lignin is produced in large quantities in paper production and dissolved in what is known as black liquor (BL). To avoid lignin recovery as an additional process step, BL is used directly as feedstock in the hydrothermal liquefaction (HTL) in this work. We performed various batch experiments in micro autoclaves with BL and model substances at different reaction temperatures (TR = 250-400 °C) and a holdingtime of tR = 20 min, as well as continuous experiments (TR = 325-375 °C, tR = 20 min). We were able to show that different derivatives of catechols are the main products among the monomers in our process. With the help of the model substance experiments, we were able to work out three main reactions: demethoxylation, demethylation, and alkylation. This behavior could be observed in the case of BL from hardwood as well as from softwood. 31P nuclear magnetic resonance (NMR) spectroscopy analysis has shown that these reactions take place on aromatic monomers as well as on larger aromatic oligomer structures. At higher temperatures, a large fraction of the carbon ends up in the solid product, while the yields of the monomers decrease sharply. 13C NMR spectroscopy of the solid material shows that the monomers are probably incorporated into the solid phase by repolymerization. We were also able to see this effect using size exclusion chromatography analysis based on the relative molecular weight. From all of the analytical results of the products, a reaction scheme was developed that describes the reaction pathways of the lignin during HTL. Based on this, a reaction kinetic model can be developed in the next step.