Catalytic hydroliquefaction of spruce wood particles (ca. 3 mm), suspended in a process derived slurry oil, has been conducted in a three 1-liter-capacity autoclave system using palladium on active charcoal in concentrations of 1 %, 0.5 % and 0.1 % (based on wood) and red mud (10 %) as a once-through catalyst. In a series of successive experiments the carrier slurry oil was separated from the net product oil (NPO) by trapping in a hot separator in order to recycle it. Decreasing Pd amounts increased viscosities of the carrier. In the presence of Pd, wood conversion rates of 95–97 % were obtained and yields of light-and middle distillate NPO decreased from 34 to 30 % when the amount of catalyst was reduced. The use of red mud gave NPO yields of 20 % and char yield increased to 37–43 %. In experiments with Pd, 4 % hydrogen and with red mud 1.7 % hydrogen (based on wood) was consumed.