In this work, the wastewater obtained from the hydrothermal liquefaction of black liquor was treated and valorized for hydrogen production by supercritical water gasification (SCWG). The influence of the main process parameters on the conversion yield was studied. The experiments were conducted at three different temperatures (below and above the critical point of water): 350 °C, 450 °C and 600 °C. The results showed that by increasing the temperature from 350 °C to 600 °C, the total gas yield was highly improved (from 1.9 mol gas/kg of dried feedstock to 13.1 mol gas/kg of dried feedstock). The H2 composition was higher than that of CH4 and CO2 at 600 °C, and the HHV of the obtained gas was 61.2 MJ/kg. The total organic carbon (TOC) removal efficiency was also improved by increasing the temperature, indicating that the SCWG process could be used for both applications: (i) for wastewater treatment; (ii) for producing a high calorific gas. The experiments with the Raney-nickel catalyst were performed in order to study the catalyst’s influence on the conversion yield. The results indicated that the catalyst enhances carbon conversion and gas production from mild to higher temperatures. The maximum total gas yield obtained with this catalyst was 32.4 mol gas/kg of dried feedstock at 600 °C, which is 2.5 times higher than that obtained at the same operating conditions without a catalyst. The H2 yield and the HHV of the obtained gas with the catalyst were 20.98 mol gas/kg dried feedstock and 80.2 MJ/kg, respectively. However, the major contribution of the catalytic SCWG process was the improvement of the total gas yield at mild operating temperatures (450 °C), and the obtained performance was even higher than that obtained at 600 °C without catalyst (17.81 mol gas/kg dried feedstock and 13.1 mol gas/kg dried feedstock, respectively). This is a sustainable approach for treating wastewater at mild temperatures by catalytic SCWG.