Hydrothermal Carbonization (HTC) refers to the conversion of biogenic wastes into char-like solids with promising perspectives for application, but a process water (PW) results which is difficult to dispose untreated. Thus, a biorefinery approach including one or two recirculation steps with the additional objective of improving the physico-chemical characteristics of the solid was performed. During HTC, constitutive biomass molecules decompose into hundreds of organic compounds, following complex reactions. To get deeper insights a combination of proximate, ultimate and structural analysis for solid products as well as liquid chromatography for liquid products were the choice. The main reactions could be identified by key compounds of low and high molecular weight resulting from hydrolysis, dehydration, decarboxylation, deamination as well as amide formation and condensation reactions. Their intensity was influenced by the feedwater pH and reaction temperature. Reactions of Maillard character result in N-containing heterocycles incorporated into the hydrochar (HC), which promises the fabrication of high added-value materials, i.e. N-doped carbonaceous materials.