Zeolites have recently attracted attention for upgrading renewable resources in the presence of liquid water phases; however, the stability of zeolites in the presence of liquid-phase water is not completely understood. Accordingly, the stability of the ZSM-5 framework and its acid sites was studied in the presence of water at temperatures ranging from 250 to 450 °C and at pressures sufficient to maintain a liquid or liquid-like state (25 MPa). Treated samples were analyzed for framework degradation and Al content and coordination using a variety of complementary techniques, including X-ray diffraction, electron microscopy, N2 sorption, 27Al and 29Si NMR spectroscopy, and several different types of infrared spectroscopy. These analyses indicate that the ZSM-5 framework retains >80% crystallinity at all conditions, and that 300-400 °C are the most aggressive. Decrystallization appears to initiate primarily at crystal surfaces and share many characteristics in common with alkali promoted desilication. Liquid water treatment promotes ZSM-5 dealumination, following a mechanism analogous to that observed under steaming conditions: initiation by Al-O hydrolysis, Al migration to the surface, and finally deposition as extra framework Al or possibly complete dissolution under some conditions. As with the framework, dealumination is most aggressive at 300-400 °C. Several models were evaluated to capture the non-Arrhenius effect of temperature on decrystallization and dealumination, the most successful of which included temperature dependent values of the water auto-ionization constant. These results can help interpretation of previous studies on ZSM-5 catalysis in hot liquid water and suggest future approaches to extend catalyst lifetime.