Co-liquefaction of microalgae (Spirulina platensis, SP) and macroalgae (Entermorpha prolifera, EP) was studied in subcritical water by using a stainless-steel batch reactor at different temperature (250 to 370 degrees C), time (5 to 120 min), SP/EP mass ratio (0 to 100%), and water/algae mass ratio (1:1 to 6:1). The results suggested that a positive synergetic effect existed during the co-liquefaction of SP and EP, and this synergetic effect was dependent on reaction conditions. Co-liquefaction alleviated the severe reaction conditions compared to the separate liquefaction of SP and EP and also promoted the in situ deoxygenation of the bio-oil. The higher-heating-value of bio-oil produced from the co-liquefaction of SP and EP (w(SP):w(EP) = 1) is 35.3 MJ/kg. The energy recovery from the co-liquefaction is larger than the average value from the separate liquefaction of SP and EP. Co-liquefaction did not affect the molecular composition but affect the relative amount of each component in the bio-oil. (C) 2013 Elsevier Ltd. All rights reserved.