High-resolution photoelectron (PE) spectra of liquid methanol and ethanol were measured using a liquid microjet and He IIα radiation (40.813 eV). The vertical ionization energy and the ionization threshold were determined as 9.70 ± 0.07 and 8.69 ± 0.07 eV for methanol and 9.52 ± 0.07 and 8.52 ± 0.07 eV for ethanol, respectively. Individual photoemission bands observed for the liquids are well correlated with those in PE spectra of the gaseous samples also measured in the present study, except that the liquid band positions were shifted on average by -1.23 eV for methanol and -1.10 eV for ethanol as compared to the gas. The 5a' and 7a' bands of liquid methanol exhibit specifically larger broadening than other bands, for which we attempted spectral fitting with two components, similarly with the case of the 3a1 band of liquid water. PE spectra of both liquid and gaseous ethanol are congested partly due to the presence of the trans and gauche isomers; however, the overall band positions are generally in good agreement with predictions based on quantum chemical calculations. Comparison of the measured PE spectra with experimental and simulated X-ray emission spectra indicate that spectral differences in the lowest ionization band of both methanol and ethanol originate from involvement of nuclear dynamics in the X-ray emission process.