The naphtha fractions of coal hydrogenation products (IBP-130°C) were separated by successive extraction with potassium hydroxide solution. Basic oil was also separated from the residue. The extracted fractions were analyzed by H-NMR and FI mass spectroscopy. It is concluded that the consecutive extraction with dilute potassium hydroxide solution should be capable of fractional separation of acidic oil from coal oil and further separation of individual component may be done by increasing the consecutive extraction steps.