The yield and composition of the biocrude obtained by hydrothermal liquefaction (HTL) of Nannocloropsis gaditana using heterogeneous catalysts were evaluated. The catalysts were based on metal oxides (CaO, CeO2, La2O3, MnO2, and Al2O3). The reactions were performed in a batch autoclave reactor at 320 °C for 10 min with a 1:10 (wt/wt) microalga:water ratio. These catalysts increased the yield of the liquefaction phase (from 94.14 ± 0.30 wt% for La2O3 to 99.49 ± 0.11 wt% for MnO2) as compared with the thermal reaction (92.60 ± 1.20 wt%). Consequently, the biocrude yields also raised in the metal oxides catalysed HTL, showing values remarkably higher for the CaO (49.73 ± 0.9 wt%) in comparison to the HTL without catalyst (42.60 ± 0.70 wt%). The N and O content of the biocrude obtained from non-catalytic HTL were 6.11 ± 0.02 wt% and 10.50 ± 0.50 wt%, respectively. In this sense, the use of the metal oxides decreased the N content of the biocrude (4.62 ± 0.15−5.45 ± 0.11 wt%), although, they kept constant or increased its O content (11.39 ± 2.06−21.68 ± 0.03 wt%). This study shows that CaO, CeO2 and Al2O3 can be promising catalysts based on the remarkable amount of biocrude, the highest values of C, H, heating value, energy recovery, and the lowest content of N, O and S.