The feasibility of coprocessing of waste biomass resource cashew nut shell liquid (CNSL) with vacuum gas oil (VGO) to produce bio-based fuel has been demonstrated in a pilot riser. Herein, the effects of reaction temperature, catalyst to oil ratio (C/O), CNSL blending ratio, CNSL feed position and ZSM-5 addition on the product distribution and quality of CNSL coprocessing with VGO were analyzed in detail. CNSL was a suitable bio-based feedstock for coprocessing because any proportion of CNSL blended with VGO for coprocessing was feasible with no difficulties occurring in the system. The addition of CNSL could improve conversion and liquefied petroleum gas (LPG) yield in fluid catalytic cracking (FCC) while maintaining high gasoline yield. Compared to CNSL, phenol or guaiacol with a smaller kinetic diameter was more likely to cause catalyst deactivation. GCxGC-MS analysis of liquid products showed that the oxygenate content in the liquid products was low, and cashew phenol could be cracked, cyclized, dehydrogenated, and converted to naphthol, and further dehydrated and converted to naphthalenes. 14C analysis showed that the biocarbon content of LPG and gasoline produced from CNSL coprocessing was high, indicating that CNSL coprocessing was meaningful.