A process for producing an upgraded renewable oil from renewable carbonaceous material(-s) comprising: a. Providing an oxygen containing renewable crude oil having: - an oxygen content in the range of 3.0 to 20 % by weight, - a water content of less than 1.5 wt. % - a total acid number in the range from 5 to 80 mg KOH/g, - a fraction of the oil having a boiling point below than 350 °C of less than-70 % by weight, and - a residue fraction having a boiling point of more than 450 °C of at least 10 % by weight, b. Pressurising the oxygen containing renewable crude oil to an operational pressure in the range 60 to 200 bar; c. Adding and mixing hydrogen to the pressurized oxygen containing renewable crude oil; d. Contacting the pressurized mixture with at least one heterogeneous catalyst contained in a first reaction zone at a temperature of 260 to 350 °C having a weight based hourly space velocity (WHSV) in the range 0.1 to 1 h -1 so as to produce a partially hydrogenated and deoxygenated oil; e. Separating water, gas and optionally a low boiling fraction from the partially hydrogenated and deoxygenated oil from the first reaction zone f. Heating the partially hydrogenated and deoxygenated oil from the first reaction zone to a temperature in the range 350 to 400 °C; g. Contacting the partially hydrogenated and deoxygenated oil with at least one heterogeneous catalysts-in a second reaction zone at a temperature of 350 to 400 °C, at weight based hourly space velocity (WHSV) in the range 0.1 to 1.5 h -1, h. Separating the product from the second reaction zone into a at least a gas fraction, a water fraction, a low boiling point renewable liquid hydrocarbon fraction and a high boiling point renewable liquid hydrocarbon fraction, i. Contacting the low boiling point fraction from the second reaction zone with hydrogen and one or more heterogeneous catalysts at a temperature in the range 350 to 390 °C in a third reaction zone having a weight-based space velocity in the range 0.1 to 1 h -1, thereby producing a first product stream and j. Contacting the high boiling point oil fraction with hydrogen and one or more heterogeneous catalysts at a temperature in the range 360-420 °C in a fourth reaction zone having a weight-based space velocity in the range 0.1 to 1 h -1, thereby producing a second product stream. a. Providing an oxygen containing renewable crude oil having: - an oxygen content in the range of 3.0 to 20 % by weight, - a water content of less than 1.5 wt. % - a total acid number in the range from 5 to 80 mg KOH/g, - a fraction of the oil having a boiling point below than 350 °C of less than-70 % by weight, and - a residue fraction having a boiling point of more than 450 °C of at least 10 % by weight, - an oxygen content in the range of 3.0 to 20 % by weight, - a water content of less than 1.5 wt. % - a total acid number in the range from 5 to 80 mg KOH/g, - a fraction of the oil having a boiling point below than 350 °C of less than-70 % by weight, and - a residue fraction having a boiling point of more than 450 °C of at least 10 % by weight, b. Pressurising the oxygen containing renewable crude oil to an operational pressure in the range 60 to 200 bar; c. Adding and mixing hydrogen to the pressurized oxygen containing renewable crude oil; d. Contacting the pressurized mixture with at least one heterogeneous catalyst contained in a first reaction zone at a temperature of 260 to 350 °C having a weight based hourly space velocity (WHSV) in the range 0.1 to 1 h -1 so as to produce a partially hydrogenated and deoxygenated oil; e. Separating water, gas and optionally a low boiling fraction from the partially hydrogenated and deoxygenated oil from the first reaction zone f. Heating the partially hydrogenated and deoxygenated oil from the first reaction zone to a temperature in the range 350 to 400 °C; g. Contacting the partially hydrogenated and deoxygenated oil with at least one heterogeneous catalysts-in a second reaction zone at a temperature of 350 to 400 °C, at weight based hourly space velocity (WHSV) in the range 0.1 to 1.5 h -1, h. Separating the product from the second reaction zone into a at least a gas fraction, a water fraction, a low boiling point renewable liquid hydrocarbon fraction and a high boiling point renewable liquid hydrocarbon fraction, i. Contacting the low boiling point fraction from the second reaction zone with hydrogen and one or more heterogeneous catalysts at a temperature in the range 350 to 390 °C in a third reaction zone having a weight-based space velocity in the range 0.1 to 1 h -1, thereby producing a first product stream and j. Contacting the high boiling point oil fraction with hydrogen and one or more heterogeneous catalysts at a temperature in the range 360-420 °C in a fourth reaction zone having a weight-based space velocity in the range 0.1 to 1 h -1, thereby producing a second product stream.