Process for converting coal to an oil fraction

A process for converting coal to an oil fraction, which comprises subjecting coal to a first hydrogenation reaction, deashing the reaction product of the first hydrogenation reaction and subjecting the deashed liquefied oil to a second hydrogenation reaction, wherein coal, a solvent and hydrogenation-treated heavy oil components are supplied for the first hydrogenation reaction; from the first hydrogenation reaction product, at least a part of the oil fraction is obtained; from the first hydrogenation reaction product, a substantial amount of preasphaltene components is removed simultaneously with or independently of the deashing operation, and the deashed liquefied oil containing heavy oil components and not greater than 20% by weight of preasphaltene components thereby obtained, is supplied for the second hydrogenation reaction; from the second hydrogenation reaction product, an oil fraction and heavy oil components are separated and the heavy oil components are recycled to the first hydrogenation reaction in an amount of at least 20% by weight relative to the heavy oil components in said deashed liquefied oil.