In this study, hydrothermal liquefaction (HTL) of wheat straw (WS) in sub (350 °C) and supercritical (400 °C) water with and without alkali catalyst was performed to investigate the potential of WS for the production of biocrude. The influences of temperature and catalyst were studied for the HTL products. Results showed that maximum biocrude yield (32.34 wt. %) with least solid residue (4.34 wt. %) was obtained at subcritical catalytic condition, whereas the carbon content was slightly higher in biocrude at supercritical. The higher heating value (HHV) for biocrude is around 35 MJ/kg for all four conditions. The major compounds in biocrude were observed as ketones, alcohols, acids, and hydrocarbons. At 350 °C, 44−55% of the carbon recovered into biocrude. The products were characterized in terms of elemental composition, higher heating values, organics, and inorganic compounds in different phases. To keep in consideration the scale-up of HTL process for continuous plant, aqueous phase from HTL was also recirculated which showed the fruitful outcomes by increasing the biocrude yield at each cycle.