Hydrothermal co-liquefaction (co-HTL) is a process involving two sources of biomasses aiming at bio-crude production. Since there is a lack of studies performed with sugarcane bagasse and residual soybean oil, this study investigated different conditions for the co-HTL of these biomasses, with and without the presence of ethanol as a co-solvent to maximize the bio-crude yield. All co-HTL reactions were carried out in a 300 mL Parr® reactor at temperatures ranging from 200 to 300 °C. After the reaction, a vacuum filtration was performed to separate the bio-char, later washed with ethanol to extract heavy bio-crude, while the liquid-phase was mixed with dichloromethane to recover light bio-crude. Bio-crude yields of around 95 wt.% were obtained at 300 °C using ethanol and water as solvents. The highest bio-char yield (16.6 wt.%) was achieved when using only sugarcane bagasse as the substrate, without the presence of soybean oil. Bio-crude samples obtained at higher temperatures (280 °C and 300 °C) using ethanol as a hydrogen donor presented higher contents of both free fatty acids and fatty acid ethyl esters. This work presents a promising process to produce high-quality bio-crude using an abundant feedstock (sugarcane bagasse) in the presence of a lipid source which could cause environmental problems if poorly handled.