Hydrothermal carbonization (HTC) is an innovative process capable of converting wet biodegradable residues into value-added materials, such as hydrochar. HTC has been studied for decades, however, a lack of detailed information on the production and composition of the process water has been highlighted by several authors. In this paper the state of the art of the knowledge on this by-product is analyzed, with attention to HTC applied to municipal and agro-industrial anaerobic digestion digestate. The chemical and physical characteristics of the process water obtained at different HTC conditions are compared along with pH, color, organic matter, nutrients, heavy metals and toxic compounds. The possibility of recovering nutrients and other valorization pathways is analyzed and technical feasibility constraints are reported. Finally, the paper describes the main companies which are investing actively in proposing HTC technology towards improving an effective process water valorization. © 2020 by the authors. Licensee MDPI, Basel, Switzerland.

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