Supercritical carbon dioxide extraction was utilized for the fractionation of a pinewood derived hydrothermal liquefaction bio-crude. The experiments were performed at temperature 120 ºC and at pressure levels that correspond to CO2 density of 500, 615 and 730 kg/m3. Extraction yields of 34 to 49 % were achieved, which increased with increasing solvent density. Density was reduced for all extracts (2-10 %) while the H/C ratio increased when compared to the bio-crude. Low boiling point components such as ketones, 1-ring aromatic hydrocarbons and low molecular weight fatty acids were extracted preferentially (K-values up to 11). 1-ring phenols and benzenediols were enriched in the extracts as well (K-values 1-3). Heavy hydrocarbons and long chain fatty acids were extracted at the later stages of extraction when the lighter components were depleted.