Catalyst deactivation is the main reason for low petrochemical yield in catalytic fast pyrolysis (CFP) of biomass. ZSM-5 catalysts modified by chemical liquid deposition (CLD) and acid dealumination (AD) were prepared to improve petrochemical yields for CFP of pinewood. The results showed that CLD by SiO2 led to the coverage of strong acid sites, while AD favored the removal of superficial acid sites. CFP of pinewood showed that the relative area ratio of BTX was boosted by 37.2% and 30.4% over modified ZSM-5 catalysts by CLD and AD, respectively. The yield of indenes and naphthalenes which were important precursors of heavy coke decreased sharply. Considering environmental cost and catalytic performance, CLD seems to be a preferable modification method over ZSM-5 in the catalytic pyrolysis of biomass for petrochemicals.