We have developed a new effective method which realizes both dewatering and upgrading of low carbonaceous materials including biomass, peat, brown coals, and lignites by treating them in a non-polar solvent at temperatures below 350℃. For practical use, it is required to reduce energy for recovering solvent-soluble fraction, which we call "Soluble", from the solvent and to reduce the amount of solvent used. Then we have recently proposed an idea to overcome these problems, which users the solvent saturated with Soluble. It is necessary to understand the reactivity of Soluble at the temperatures around 350℃ for examining the validity of the idea. In this study, the pyrolysis of Soluble was carried out by using tubular autoclave and the thermal behavior of the solid product was investigated. It was found that decompostion of oxygen-containing functional groups and polymerization occured even at 350℃, which was caused by the high concentration of aliphatic carbons in Soluble. The thermal behavior of the solid product pyrolyzed at 400℃ was significantly different from Soluble.