Hydrothermal liquefaction of rice straw has been carried out using various organic solvents (CH3OH, C2H5OH) at different temperatures (250, 280 and 300 °C) and residence times (15, 30 and 60 min) to understand the effect of solvent and various reaction parameters on product distribution. Maximum liquid product yield (47.52 wt%) was observed using ethanol at 300 °C and 15 min reaction time. FTIR and NMR ((1)H and (13)C) of liquid product indicate that lignin in rice straw was converted to various monomeric phenols. GC-MS of the liquid product showed the presence of various phenol and guaiacol derivatives. Main compounds observed in liquid product were phenol, 4-ethylphenol, 4-ethyl-2-methoxyphenol (4-ethylguaiacol), 2,6-dimethoxyphenol (syringol), 2-isopropyl-5-methylphenol (thymol). Powder XRD and SEM of bio-residue showed that rice straw was decomposed to low molecular weight monomeric phenols.