In this study, the effect of reaction temperature, solvent and catalyst were examined on conversion of Trametes versicolor mushroom. Supercritical liquefaction experiments were made in a cylindrical reactor in acetone and isopropanol under supercritical circumstances with (Aluminium oxide, calcium hydroxide) and without catalyst at the temperatures of 250, 270, 290 degrees C. The bio-oils obtained at 250 and 290 degrees C in liquefaction were analyzed and characterized by chromatographic and spectroscopic techniques containing GC MS, FT-IR and elemental analysis.