Process for producing lipids and other organic compounds from biomass, said biomass being selected from: - municipal solid waste that may be selected, for example, from: organic material deriving from separate waste collection, organic material selected from mixed municipal solid waste, or mixtures thereof; or mixtures of said organic material with prunings and/or agricultural waste; - primary and biological sludge produced in waste water purification plants; - residues and/or waste deriving from agricultural and/or zootechnical activities; - residues and/or waste deriving from the agri-food industry; - residues and/or waste deriving from agricultural processes, forestation and/or from forestry; - micro-algae and/or macro-algae; - cyanobacteria; or mixtures thereof; comprising the following steps: (a) subjecting said biomass to extraction, at room temperature, in the presence of at least one low-boiling point solvent, thereby obtaining a first organic phase comprising lipids and solvent, and a first slurry phase comprising carbohydrates and proteins; (b) subjecting the first organic phase obtained in said step (a) to evaporation of the solvent, obtaining a second organic phase comprising lipids and a third organic phase comprising solvent, which is recycled to said step (a); (c) subjecting the first slurry phase obtained in said step (a) to liquefaction operating at a temperature ranging from 100°C to 200°C, preferably ranging from 110°C to 180°C, at a pressure greater than the water vapor pressure at the temperature at which said liquefaction is carried out, for a time ranging from 30 minutes to 300 minutes, preferably ranging from 50 minutes to 270 minutes, thereby obtaining a second slurry phase comprising sugars, proteins and unconverted carbohydrates; (d) subjecting the second slurry phase obtained in said step (c) to separation, obtaining an aqueous phase comprising sugars and a wet solid phase comprising proteins and unconverted carbohydrates. - municipal solid waste that may be selected, for example, from: organic material deriving from separate waste collection, organic material selected from mixed municipal solid waste, or mixtures thereof; or mixtures of said organic material with prunings and/or agricultural waste; - primary and biological sludge produced in waste water purification plants; - residues and/or waste deriving from agricultural and/or zootechnical activities; - residues and/or waste deriving from the agri-food industry; - residues and/or waste deriving from agricultural processes, forestation and/or from forestry; - micro-algae and/or macro-algae; - cyanobacteria; (a) subjecting said biomass to extraction, at room temperature, in the presence of at least one low-boiling point solvent, thereby obtaining a first organic phase comprising lipids and solvent, and a first slurry phase comprising carbohydrates and proteins; (b) subjecting the first organic phase obtained in said step (a) to evaporation of the solvent, obtaining a second organic phase comprising lipids and a third organic phase comprising solvent, which is recycled to said step (a); (c) subjecting the first slurry phase obtained in said step (a) to liquefaction operating at a temperature ranging from 100°C to 200°C, preferably ranging from 110°C to 180°C, at a pressure greater than the water vapor pressure at the temperature at which said liquefaction is carried out, for a time ranging from 30 minutes to 300 minutes, preferably ranging from 50 minutes to 270 minutes, thereby obtaining a second slurry phase comprising sugars, proteins and unconverted carbohydrates; (d) subjecting the second slurry phase obtained in said step (c) to separation, obtaining an aqueous phase comprising sugars and a wet solid phase comprising proteins and unconverted carbohydrates.