Thermo-chemical treatment methods are pivotal for effectively managing waste tire rubber (WTR) while promoting energy efficiency and emission reduction. This study investigates the liquefaction of WTR within a thermal ethanol environment, exploring temperature ranges (200-300 °C) and residence times (0-80 min) to discern the role of ethanol in tire degradation. Additionally, the study includes liquefaction experiments with cyclohexane as a solvent to contrast the effect of ethanol, and comparison between ethanol and water to elucidate solvent impact. Results indicate that at 300 °C for 40 minutes, oil yields peak at 53.05% for a WTR/ethanol mass ratio of 1:8 and at 51.64% for a ratio of 1:6, notably surpassing hydrolysis outcomes. By contracting with the results from the liquefaction with cyclohexane as solvent, the involvement of ethanol can facilitate liquid phase products, primarily alkenes and oxygen-containing compounds, attributed to aromatization inhibition. Heavy oils and heteroatomic compounds are characterized through Fourier-transform ion cyclotron resonance mass spectrometry (FT-ICR MS), detecting hydrocarbons and heteroatom compounds like NxOy, Ox, Sx, NxOySz, NxSy, and Nx. Notably, sulfur, a significant pollutant, predominantly manifests as sulfide in chars. These findings offer valuable insights into advancing waste tire recycling technologies.