The direct catalytic upgrading of the pyrolytic vapor of Japanese larch was carried out in a fixed catalyst bed reactor installed at the upper part of a bubbling fluidized bed reactor. The catalytic performance of spent HZSM-5 in the catalytic upgrading of bio-oil in terms of the product distribution and chemical composition was compared with that of fresh HZSM-5. The spent HZSM-5 showed comparable activity for the deoxygenation of oxygen in biooil and selectivity to higher value chemicals to fresh HZSM-5.