Green hydrogen production from renewable biomass via bio-oil catalytic steam reforming was a prospective technology. In order to accelerate the development of high-performance and long-term catalyst, we selected acetic acid as a typical bio-oil model compound to carry out the studies of steam reforming. Excellent bimetallic Pt-Co/Al2O3 catalysts were prepared using a sol-gel auto-combustion method. The effects of the molar ratio of ethylene glycol: citric acid: metal ions (EG/CA/M) on the catalyst structure and subsequent reforming performance were systematically investigated. It was found that the catalyst’s textural properties, reducibility, basic sites, and the dispersion of active metal could be carefully tuned by the EG/CA/M ratio. The catalyst prepared under EG/CA/M ratio of 6:3:1 performed the best reactivity in acetic acid steam reforming, showing a 97.6% acetic acid conversion and a 96.6% H2 yield at the reaction conditions of 650 °C, steam to carbon molar ratio of 5, and space velocity of 6957 h–1. Furthermore, a bifunctional reaction mechanism of acetic acid catalytic steam reforming was proposed by in-situ diffuse reflective infrared Fourier transform spectroscopy analysis coupled with density functional theory calculations.