Cheese effluent management has become an important issue owing to its high biochemical oxygen demand and chemical oxygen demand values. Given this scenario, this work addresses the valorisation of lactose (the largest organic constituent of this waste) by aqueous phase reforming, analysing the influence of the most important operating variables (temperature, pressure, lactose concentration and mass of catalyst/lactose mass flow rate ratio) as well as optimising the process for the production of either gaseous or liquid value-added chemicals. The carbon converted into gas, liquid and solid products varied as follows: 5-41%, 33-97% and 0-59%, respectively. The gas phase was made up of a mixture of H-2 (8-58 vol.%), CO2 (33-85 vol.%), CO (0-15 vol.%) and CH4 (0-14 vol.%). The liquid phase consisted of a mixture of aldehydes: 0-11%, carboxylic acids: 0-22%, monohydric alcohols: 0-23%, polyhydric-alcohols: 0-48%, C3-ketones: 4-100%, C4-ketones: 0-18%, cyclic-ketones: 0-15% and furans: 0-85%. H-2 production is favoured at high pressure, elevated temperature, employing a high amount of catalyst and a concentrated lactose solution. Liquid production is preferential using diluted lactose solutions. At high pressure, the production of C3-ketones is preferential using a high temperature and a low amount of catalyst, while a medium temperature and a high amount of catalyst favours the production of furans. The production of alcohols is preferential using medium temperature and pressure and a low amount of catalyst. (C) 2016 Elsevier Ltd. All rights reserved.