A direct coal liquefaction process, wherein the process comprises the following steps: preparing a coal slurry from raw coal, by drying and pulverizing raw coal in a pretreating unit, processing the raw coal into a coal powder with designated particle size, whereby coal powder formed in the pretreatment unit is processed with a catalyst feedstock to a superfine coal liquefaction catalyst in a catalyst preparation unit; and whereby coal powder formed in the pretreatment unit and the coal liquefaction catalyst together with a hydrogen donor solvent are mixed to form the coal slurry in a slurry preparation unit; pretreating the coal slurry, by mixing together and preheating the coal slurry and hydrogen, and after the preheating passing the mixture of coal slurry and hydrogen into a first suspended bed reactor with forced circulation to undergo liquefaction reaction to form an outlet effluent; mixing the outlet effluent from the first suspended bed reactor with make-up hydrogen and then passing the mixture of the outlet effluent and make-up hydrogen into a second suspended bed reactor with forced circulation to undergo further liquefaction reaction; separating reaction effluent from the second suspended bed reactor in a separator to form a liquid phase and a gas phase, wherein the liquid phase is fractionated in an atmospheric tower into a light oil fraction and a bottom product; feeding the atmospheric tower bottom product to a vacuum tower to separate it into distillate and residue; mixing the light oil fraction and the distillate to form a mixture, then feeding the mixture to a suspended bed hydrotreating reactor with forced circulation for hydrogenation; fractionating hydrogenation products into oil products and a hydrogen donor recycling solvent, wherein the coal liquefaction catalyst is γ-FeOOH, and wherein the coal liquefaction catalyst has a diameter of 20-30 Nm, and length of 100-180 Nm, wherein sulfur is contained in the catalyst with a molar ratio of S/Fe=2, and wherein the suspended bed reactors are operated at the following conditions: reaction temperature: 430-465 °C reaction pressure: 15-19MPa; gas/liquid ratio: 600-1000NL/kg; slurry space velocity: 0.7-1.0 t/m 3 h; catalyst addition rate: Fe/Dry coal=0.5-1.0 wt % preparing a coal slurry from raw coal, by drying and pulverizing raw coal in a pretreating unit, processing the raw coal into a coal powder with designated particle size, whereby coal powder formed in the pretreatment unit is processed with a catalyst feedstock to a superfine coal liquefaction catalyst in a catalyst preparation unit; and whereby coal powder formed in the pretreatment unit and the coal liquefaction catalyst together with a hydrogen donor solvent are mixed to form the coal slurry in a slurry preparation unit; pretreating the coal slurry, by mixing together and preheating the coal slurry and hydrogen, and after the preheating passing the mixture of coal slurry and hydrogen into a first suspended bed reactor with forced circulation to undergo liquefaction reaction to form an outlet effluent; mixing the outlet effluent from the first suspended bed reactor with make-up hydrogen and then passing the mixture of the outlet effluent and make-up hydrogen into a second suspended bed reactor with forced circulation to undergo further liquefaction reaction; separating reaction effluent from the second suspended bed reactor in a separator to form a liquid phase and a gas phase, wherein the liquid phase is fractionated in an atmospheric tower into a light oil fraction and a bottom product; feeding the atmospheric tower bottom product to a vacuum tower to separate it into distillate and residue; mixing the light oil fraction and the distillate to form a mixture, then feeding the mixture to a suspended bed hydrotreating reactor with forced circulation for hydrogenation; fractionating hydrogenation products into oil products and a hydrogen donor recycling solvent, reaction temperature: 430-465 °C reaction pressure: 15-19MPa; gas/liquid ratio: 600-1000NL/kg; slurry space velocity: 0.7-1.0 t/m 3 h; catalyst addition rate: Fe/Dry coal=0.5-1.0 wt %