To study the direct coal liquefaction in the isothermal stage of Shenhua Shendong bituminous coal, the direct coal liquefaction with an iron-based catalyst was carried out in a 0.01 ton/day continuous tubular facility in the temperature range of 445-465 degrees C, with hydrogenated anthracene and wash oil as the solvent. An eight-lump kinetic model of the isothermal stage was proposed, and the kinetic parameters were estimated. The result showed that, in the isothermal stage, the oil was mainly obtained from pre-asphaltene and asphaltene (PAA) rather than from coal directly. The model was valid for the isothermal stage of direct coal liquefaction.