Biomass can be envisaged as a potential solution to mitigate the problems that the extensive exploitation of fossil sources causes on the environment. Transforming biomass into added-value products with better calorific properties is highly desired. Thermochemical liquefaction can convert biomass into a bio-oil. The work herein presented concerns the study of direct liquefaction of Eucalyptus globulus sawdust. The main goal was to optimise the operating conditions of the process to achieve high bio-oil conversion rates. Studies were carried out to understand the impact of the process factors, such as the residence time, catalyst concentration, temperature, and the biomass-to-solvent ratio. The E. globulus sawdust conversion into bio-oil was achieved with a maximum conversion of 96.2%. A higher conversion was reached when the eucalyptus sawdust’s thermochemical liquefaction was conducted over 180 min in the presence of a >2.44% catalyst concentration at 160 °C. A lower biomass-to-solvent ratio favours the process leading to a higher conversion of biomass into bio-oil. The afforded bio-oil presented a better higher heating value than that of E. globulus sawdust.