Cornstalk cellulose was liquefied in supercritical acetone at various temperature by a high-pressure autoclave, where the maximum yield of bio-oil was 43.79% and the highest conversion rate of cellulose was 72.13%. FT-TR spectrums showed that the CO -C and CC bonds in cellulose were cleaved under the attack of supercritical acetone, then active fragments were produced and transformed into liquefaction products. GC-MS results showed that the dominant components in bio-oil were ketones, esters, alkanes, etc. As the acetone dosage increased, ketones and glucosides increased while esters and alkanes decreased. A higher temperature was suitable for ketones and esters formation, which had an inhibition on alkanes formation. Finally, the formation of pathways and networks of dominant chemicals during cellulose liquefaction in supercritical acetone were developed. This investigation contributes to the knowledge of cellulose liquefaction in supercritical solvents for bio-oil and platform chemicals, which can provide an alternative method for biomass resources utility.