Bio-crude producted from the co-pyrolysis of oil shale and peanut shell over a Ni-based catalyst supported on semi-coke was investigated in a vertical double-temperature zone fixed bed reactor. The effect of Ni species loading on the characteristics of bio-crude was evaluated. Results indicated that the effective H/C and calorific value of bio-crude gradually increased and the average carbon chain length gradually decreased with the increase of Ni species loading. The average carbon chain length decreased from 17.54 to 12.61 when the Ni loading was 9 %. An analysis of liquid product components indicated that the presence of the catalyst promoted the combination of small molecular side chains generated by oil shale fractures and active molecules generated by peanut shell thermal decomposition, increasing the generation of phenolic compounds. Furthermore, the phenolic compounds were further converted to aromatic hydrocarbons by promoting the alkylation transfer of the methoxy group to the benzene ring, demethoxylation, and dehydration reactions.