In this paper, a two-phase system, formed by oxalic acid/choline chloride-based deep eutectic solvent (DES) and chosen extractants, was used as a dissolution–reaction–separation system, and metal chloride was used as a catalyst to study the degradation of cellulose to produce 5-hydroxymethylfurfural (5-HMF) and glucose. The effects of the amount of organic solvent and the reaction temperature on product yield, the repeated recycling of DES, the comparison between a two-phase system and a homogeneous system, and the mechanism of cellulose degradation to 5-HMF were investigated. The results show that ethyl n-butyrate has the best extraction effect on 5-HMF. Compared with the homogeneous system, the yield of 5-HMF and glucose in the two-phase system is significantly improved. At a temperature of 140 °C and a reaction time of 120 min, the yields of glucose and 5-HMF reached the maximum, which were 23.5% and 29.8%, respectively. After DES was reused three times, the yields of glucose and 5-HMF decreased greatly, indicating that the recycling rate of DES was low.