The development of highly efficient hydrodeoxidation (HDO) catalyst is the key to upgrade the quality of bio-oil. CoxP-Ni2P/SiO2-y catalysts (y is the initial P/(Ni+Co) molar ratio) comprised of CoxP-Ni2P bimetallic sites and acidic site were prepared by doping Co into Ni2P active phase using mesoporous SiO2 as the support. The structure and chemical properties of the catalyst were characterized by XRD, BET, XPS, H2-TPR, NH3-TPD, Py-FTIR and TEM methods. The effects of Co doping and P/M molar ratio on the HDO performance of Ni2P/SiO2 catalyst were investigated taking m-cresol as the model compound. The results show that Co doping not only creates new CoxP active sites, but also optimizes the electronic structure of Ni2P, thus improving the HDO activity of the catalyst. Among the CoxP-Ni2P/SiO2-y catalysts, CoxP-Ni2P/SiO2-0.5 with P/M molar ratio of 0.5 exhibits the best catalytic performance, with the m-cresol conversion of 98.7% and selectivity to the deoxidized product methylcyclohexane (MCH) of 95.6% at 275 °C, 2 MPa and 1 h. The HDO of m-cresol over the CoxP-Ni2P/SiO2-y catalyst mainly proceeded through hydrogenation-deoxygenation (HYD) pathway.