Catalytic transfer hydrogenation (CTH) of lignocellulose liquefaction using renewable ethanol presents a promising alternative to conventional hydrogenation techniques. However, the development of efficient and stable multifunctional catalysts remains a significant challenge. Herein, a Pt/Ce9Cr1O2−x catalyst was developed to facilitate the CTH reactions and achieve nearly complete utilization of lignocellulose. Isotope labeling experiments were conducted to elucidate the mechanism of CTH. The introduction of Cr3+ increased the density of surface oxygen vacancies, consequently enhancing the hydrodeoxygenation ability and metal anchoring. The solid solution structure promotes the electrons transfer from Cr atoms to Pt atoms, forming electron-rich Ptδ+ species that promote ethanol dehydrogenation and lignocellulose hydrodeoxygenation. Furthermore, Pt/Ce9Cr1O2−x catalyst provided optimal acid-base sites and hydroxyl groups, thereby improving ethanol upgrading efficiency and wettability.