The global energy needs have increased exponentially; however, fossil fuel reserves, in addition to producing serious environmental impacts, are running out over the years. For these reasons, many studies have been done in the search for new renewable energy sources, such as the reuse of biomass wastes. In this way, the purposes of this study are associated with the hydrothermal liquefaction process (HTL) of the malt bagasse, generated at the end of the brewing process, for the production of bio-oil and biochar as potential renewable fuels. The initial biomass characterization presented a significant amount of cellulose and hemicellulose, high moisture content and small particle size, ideal for the process. The HTL was conducted in a high pressure reactor in different temperature ranges and residence times. A kinetic and thermodynamic modeling was performed for the initial stage of liquefaction, presenting 62.08 kJ.mol−1 of activation energy and endothermic behavior. Bio-oil presented a better yield, 18.2 percent, at 300 C and 30 min, while the biochar reached 21.0 percent yield at 250 C and 5 min. The small distintion between values, over time, proved that the highest productivity always occurs at 5 min, which is the optimal reaction time. The higher heating value analysis (HHV) showed that high temperatures increase the energy produced. At 5 min and 300 C, better operating conditions, HTL generated a bio-oil with HHV of 33.6 MJ.kg−1, with 27.8 percent less than gasoline and a biochar with 26.7 MJ.kg−1, being 11.4 percent higher than traditional coal. Through the final characterization, it was possible to observe high degradation of the lignocellulosic structure of the biomass and to identify the compounds present in the bio-oil, indicating that the HTL products present high potential for use as renewable fuels.