Hydrothermal liquefaction (HTL) is a promising technology that involves converting biomass into a liquid energy carrier called bio-oil in sub/supercritical water. The unique physico-chemical properties of bio-oil, particularly its remarkably high energy density, renewability, and sustainability, can address current global environmental challenges and energy crisis. This review assesses the influence of operating parameters, including biomass type, reaction temperature, holding time, biomass/H 2 O ratio, heating rate, pressure, and atmosphere, and catalysis, on the yield and quality of bio-oil. The existing problems in HTL are also analyzed, and its further development is explored.