The disclosure relates to a process for converting lignin (10) to renewable product (80), wherein the process comprises the following steps; mixing (100) lignin (10) with aqueous solution (20) to obtain a mixture (30); heating (110) the mixture (30) of step (a) to a temperature between 290 and 350° C., under a pressure from 70 to 165 bar, to obtain a first product mix (40); separating aqueous phase (53) and oil phase (50), and optionally gas (51) and solids (52), of the first product mix (40) of step (b); and heating (130) the oil phase (50) of step (c) and solvent (60) to obtain a second product mix (70). The second product mix (70) can be used as such, it can be directed to separation (140) or it can be upgraded. The obtained liquid renewable product is suitable as chemicals, fuel, fuel components or feedstock for fuel production.