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Microalgae plays a key role as a feedstock for bio-oil production and also have drawn a great attention from both research and industrial point of view [1]. Microalgae for biofuel production have several advantages over other types of biomass, including fast growth rate, wastewater treatment, higher lipid content and ability to sequester carbon dioxide from flue gas. Moreover, drying of biomass can increases the production cost of biofuel. In this interact, hydrothermal liquefaction (HTL) has been observed as a stimulating conversion method for biofuels production from microalgae which is carried out without the need of drying the biomass [2,3]. The bio-oil obtained from hydrothermal liquefaction process is known as the alternative for petroleum to produce transportation fuels and extraction of valuable chemicals in the industry [4]. Hydrothermal liquefaction is one of the main processes for bio-oil production in which the reaction of biomass in water at elevated temperature (200-370 oC) and high pressure (2-20 MPa) with or without using a catalyst is done [5]. Hydrothermal Catalytic Hydrothermal Liquefaction of Microalgae using Fe-MCM 41 Catalyst in Presence of Carbon Monoxide