A process for producing liquid hydrocarbon products from at least one of a biomass-containing feedstock and a biomass-derived feedstock, said process comprising the steps of: a) contacting the biomass-containing feedstock and/or biomass-derived feedstock with a hydropyrolysis catalyst composition and molecular hydrogen in a hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C, a pressure in the range of from 0.50 to 7.50MPa and a WHSV of no more than 2.0 kg biomass/hour/kg catalyst, to produce a product stream comprising a deoxygenated hydrocarbon product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; b) removing all or a portion of said char and catalyst fines from said product stream; c) cooling the remaining product stream to a temperature of no more than 250°C; and d) hydroconverting all or a portion of said deoxygenated hydrocarbon product in a hydroconversion reactor in the presence of one or more catalyst compositions suitable for the aromatic saturation of the deoxygenated hydrocarbon product and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step a), to produce a product comprising C 4+ hydrocarbon product, H 2 O, CO, CO 2, and C 1 - C 3 gases; wherein the hydroconversion reactor is a fixed bed reactor; and the hydroconversion reactor contains a catalyst composition comprising one or more active metals selected from base metals comprising of cobalt, molybdenum, nickel and tungsten and a catalyst composition comprising one or more active metals selected from platinum group metals selected among ruthenium, rhodium, palladium, osmium, iridium, and platinum and supported on an oxide support, wherein the catalyst compositions are present in a stacked bed catalyst system and wherein the different catalyst compositions are present as separate catalyst beds. a) contacting the biomass-containing feedstock and/or biomass-derived feedstock with a hydropyrolysis catalyst composition and molecular hydrogen in a hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C, a pressure in the range of from 0.50 to 7.50MPa and a WHSV of no more than 2.0 kg biomass/hour/kg catalyst, to produce a product stream comprising a deoxygenated hydrocarbon product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; b) removing all or a portion of said char and catalyst fines from said product stream; c) cooling the remaining product stream to a temperature of no more than 250°C; and d) hydroconverting all or a portion of said deoxygenated hydrocarbon product in a hydroconversion reactor in the presence of one or more catalyst compositions suitable for the aromatic saturation of the deoxygenated hydrocarbon product and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step a), to produce a product comprising C 4+ hydrocarbon product, H 2 O, CO, CO 2, and C 1 - C 3 gases; wherein the hydroconversion reactor is a fixed bed reactor; and the hydroconversion reactor contains a catalyst composition comprising one or more active metals selected from base metals comprising of cobalt, molybdenum, nickel and tungsten and a catalyst composition comprising one or more active metals selected from platinum group metals selected among ruthenium, rhodium, palladium, osmium, iridium, and platinum and supported on an oxide support, wherein the catalyst compositions are present in a stacked bed catalyst system and wherein the different catalyst compositions are present as separate catalyst beds.