The introduction of alkali catalyst during hydrothermal liquefaction (HTL) improves conversion and allows the aqueous liquid product to be used as gasification feedstock. This study investigates the effect of reaction temperature (240–300°C), sawdust mass fraction (9.1–25%) and reaction time (0–60 min) during K2CO3-catalytic HTL of pine sawdust. The highest biomass conversion (75.2% carbon conversion and 83.0% mass conversion) was achieved at a reaction temperature of 270°C, 9.1% sawdust mass fraction and 30 min reaction time; meanwhile, the maximum aqueous product (AP) yield (69.0% carbon yield and 73.5% mass yield) was found at a reaction temperature of 300°C, 9.1% sawdust mass fraction and 60 min reaction time. Based on the main experimental results, models for carbon and mass yields of the products were developed according to face-centered central composite design using response surface methodology. Biomass conversion and product yields had a positive correlation with reaction temperature and reaction time, while they had an inverse correlation with sawdust mass fraction. Further investigation of the effects of biomass/water and biomass/K2CO3 ratios revealed that both high water loading and high K2CO3 loading enhanced conversion and AP yield.