Rapid quenching of volatiles in fast pyrolysis is important for achieving high yield and quality of the bio-oil product, but few studies have examined the condensation of volatiles and their related heat exchangers. Accordingly, we have studied the condensation characteristics of volatiles by varying heat transfer conditions in a direct contact heat exchanger. As the mass flow rate ratio of quenching oil to pyrolysis gas increased, the heat transfer rate and yield of bio-oil increased. The heat transfer rate and yield of bio-oil reached a maximum value at an intermediate air-toquenching oil mass flow rate ratio. Additionally, the heat transfer rate and yield of bio-oil decreased as the temperature of the quenching oil increased. Experiments were also conducted to derive an empirical relationship for the volumetric heat transfer coefficient for direct contact heat exchangers.