Supercritical liquefaction process is used for producing energy from biomass. The common reaction conditions for supercritical liquefaction process are the 240-380 oC temperature range and 5-20 Mpa pressure values range. Agaricus versicolor (L.) was liquefied by acetone in an autoclave (75 mL) under high pressure with (aluminium oxide and calcium hydroxide) and without catalyst at 290 degrees C for producing bio-oil. The products of liquefaction (bio-oil) were analysed and characterized using various methods including elemental analysis, Fourier transform infrared spectroscopy and gas chromatography-mass spectrometry. GC-MS identified 27 different compounds in the bio-oils obtained at 290 degrees C.