• Effect of Co, Fe, and Co-Fe on AC support was investigated for WPS bio-oil upgrading. • 20 wt% 4Co-1Fe/AC catalyst was optimal with HHV (34.16 MJ/kg) and liquid yield (68.85%) at 350 °C and 60 bar. • Methyl Phenol derivates was the main component in upgraded bio-oil. • The deactivation was occurred by external coke formation and oxidation of metals. The catalytic hydrodeoxygenation (HDO) processes for upgrading pyrolysis bio-oils from wood pallet sawdust (WPS) were studied using activated carbon (AC) as a support of mono- (Co/AC and Fe/AC) and bi-metallic (Co-Fe/AC) catalysts. The effects of the reaction temperature and hydrogen pressure on products and high heating value (HHV) were systematically investigated. At 350 °C and 60 bar, 20 wt% Co/AC showed the highest liquid yield (70.46 wt%) along with HHV of 34.22 MJ/Kg. Among the tested bimetallic catalysts, comparable liquid yield (68.85 wt%) and HHV (34.16 MJ/kg) were achieved with 20 wt% 4Co-1Fe/AC catalyst. Methyl phenol derivatives were found to be the main component in upgraded bio-oil. The carbon number of the upgraded bio-oil was mainly distributed in C 5 –C 11 fraction, especially with the C 8 component (20.40 wt%). The catalysts were deactivated by the formation of carbonaceous compounds on the external surface, oxidation of metal species, and blocking of active sites on catalysts.