The use of lignocellulosic biomass as a raw material can sustain the chemical industry. There is a lack of knowledge in kinetics and thermodynamics of some of these processes, making difficult the cost analysis. For instance, the thermodynamic investigation of the hydrogenation of alkyl levulinates to γ-valerolactone (GVL) is seldom. This system is a two-step reaction comprising a hydrogenation and cyclization step. The experimental measurement of the two reaction enthalpies is challenging, and a method was developed in this manuscript. The hydrogenation of methyl levulinate (ML) and butyl levulinate (BL) in the GVL solvent was found to be an exothermic step, and the cyclization an endothermic one. The reaction enthalpy for the hydrogenation of ML in the GVL solvent, calculated to -53.25 kJ/mol, is higher than the one of BL in the GVL solvent, calculated to -38.66 kJ/mol. The reaction enthalpies for the cyclization step are similar for ML and BL system, i.e., +7.00 kJ/mol and +6.50 kJ/mol, respectively. Hence, the hydrogenation step governs the reaction temperature. A thermal risk assessment based on experiments performed under adiabatic condition was done. The thermal risk was found to be medium for this reaction system under the operating conditions used in this study.