Although the hydrotreatment of natural triglycerides is a well-established route for producing sustainable aviation fuel and renewable diesel, its high hydrogen consumption is a concern. The hydrothermolysis of natural triglycerides is considered a highly promising alternative route; however, the correlation between process parameters and fuel properties and detailed chemical structures of the produced fuel have not been established. Herein, we investigated the conversion of soybean oil to gasoline-, jet fuel- and diesel-fraction hydrocarbons with low oxygen contents. The properties of fuels produced under various reaction conditions were analyzed comprehensively using simulated distillation, total acid number (TAN), and elemental analysis. Under the optimized reaction conditions of 420 °C, 4.5 MPa, an oil-to-water ratio of 6:1, and reaction time of 10 min, 26 % gasoline-, 62 % jet fuel-, and 90 % diesel-range hydrocarbons with a low oxygen content of 5.1 %, low TAN of 0.04 mg KOH g−1, and high calorific value of 42.7 MJ kg−1 resulted. To elucidate the reaction mechanism, the liquid products produced from soybean oil were analyzed using comprehensive two-dimensional gas chromatography combined with time-of-flight mass spectrometry. In addition, based on the oleic acid conversion under varying hydrothermal conditions, we proposed deoxygenation, cracking, cyclization, and aromatization pathways. The findings of this study present possibilities for producing sustainable biofuels with low oxygen contents for the aviation industry.