Bamboo was converted into bio-oil via direct liquefaction with ethanol-phenol as solvent in a 250 mL Parr High-Pressure reactor. The influences of reaction parameters such as reaction time, liquefaction temperature, catalyst content, ratio of solvent/bamboo, and phenol concentration on the liquefaction yield were investigated. The highest liquefaction yield was 98.5 wt.% under the optimal conditions. The elemental analysis of the produced bio-oil revealed that the oil product had a higher heating value (HHV) of 29.5 MJ/kg, which was much higher than that of the raw material (16.4 MJ/kg). Gas chromatography mass spectrometry (GC-MS) and Fourier transform infrared spectrometry (FT-IR) measurements showed that the main volatile compounds in the crude bio-oil were phenolics and esters.