H-ZSM-5 and H-Beta zeolites ion-exchanged with alkali (Na+ and K+) and alkaline-earth (Mg2+) metals have been explored for the catalytic fast pyrolysis of lignin. Incorporating these metals led to a significant change in the acidic properties of the parent zeolites turning into mostly Lewis-type acidity. Catalytic fast pyrolysis experiments of lignin were performed in a fixed bed reactor with ex-situ configuration operating at 550 °C (thermal zone) and 450 °C (catalytic zone), atmospheric pressure and under a nitrogen flow. Moreover, two catalysts to lignin mass ratios (C/L = 0.2 and 0.4) were studied. Compared with non-catalytic tests, the use of parent zeolites caused a decrease in the bio-oil* (water-free basis) yield due to enhanced production of gases, water, and the coke deposition on the catalyst. In addition, the quality of bio-oil* was improved since it presents a lower oxygen content regarding the thermal test. H-Beta zeolite showed a higher deoxygenation degree than H-ZSM-5, but the latter exhibited a higher share of light components in the bio-oil* that can be detected by GC-MS analyses. Both catalysts promoted the production of light oxygenates, aromatics, and oxygenated aromatics. Regarding the effect of the incorporation of metals, oxygenated aromatic compounds were the predominant family in the bio-oil* obtained with all ion-exchanged zeolites. Likewise, significant differences were observed among the catalysts regarding the main components of this family (alkylphenols, guaiacols, syringols, catechols, and methoxybenzenes), achieving guaiacols concentrations in bio-oil* near to 24 wt.% for NaH-ZSM-5 and KH-ZSM-5 catalysts, and alkylphenols concentrations close to 16 wt.% for MgH-Beta and KH-Beta zeolites.