The pinewood was pyrolyzed in the first reactor at a heating rate of 10°Cmin−1 from room temperature to 700°C, and the vapor was allowed to be cracked through the second reactor in a temperature range of 450–750°C without and with HZSM-5. Attempts were made to determine a wide spectrum of gaseous and liquid products, as well as the mass and element partitions to gas, water, bio-oil, coke and char. HZSM-5 showed a preferential deoxygenation effect via the facilitated decarbonylation and decarboxylation with the inhibited dehydration at 550–600°C. This catalyst also displayed a high selectivity for the formations of aromatic hydrocarbons and olefins by the promoted hydrogen transfer to these products at 550–600°C. The bio-oil produced with HZSM-5 at 500–600°C had the yields of 14.5–16.8%, the high heat values of 39.1–42.4MJkg−1, and the energy recoveries of 33–35% (all dry biomass basis).