NOVELTY - Producing bio-oil (120) from a carbonaceous and solid raw material (40) comprising waste materials and/or biomass, comprises: (a) providing a carbonaceous, solid raw material; (b) subjecting the carbonaceous, and solid raw material to conditions effective for accomplishing fast pyrolysis of the carbonaceous, and solid raw material; (c) subjecting the oxygenates formed in step (b) to conditions effective for accomplishing deoxygenation of the oxygenates; and (d) cooling the gaseous components (60) formed in step (c), in order to obtain liquid bio-oil.    USE - The method is useful for producing bio-oil from a carbonaceous and solid raw material comprising waste materials and biomass (claimed) e.g. lignocellulosic biomass.    ADVANTAGE - The process: enhances the quality of the resulting bio-oil; utilizes high-temperature steam in the pyrolysis, thus reducing the yield of char which exhibits a higher surface area and higher carbon content; and has a reduced content of soot, a reduced viscosity, enhanced storage life, and a lighter color.    DETAILED DESCRIPTION - Producing bio-oil (120) from a carbonaceous and solid raw material (40) comprising waste materials and/or biomass, comprises: (a) providing a carbonaceous, solid raw material; (b) subjecting the carbonaceous, solid raw material to conditions effective for accomplishing fast pyrolysis of the carbonaceous, solid raw material; (c) subjecting the oxygenates formed in step (b) to conditions effective for accomplishing deoxygenation of the oxygenates; and (d) cooling the gaseous components (60) formed in step (c), in order to obtain liquid bio-oil, where steps (b) and (c) are accomplished by means of subjecting the carbonaceous, and solid raw material to high-temperature steam at a temperature within the interval of 400-700 degrees C. An INDEPENDENT CLAIM is also included for an arrangement for carrying out the method, comprising: a pyrolysis reactor (30) with the capability of withstanding temperatures at 400-700 degrees C, where the reactor is provided with an inlet for a carbonaceous, solid raw material, and an inlet for high-temperature steam of a temperature within the interval of 400-700 degrees C; and quenching means for cooling the pyrolysis gas obtained in the pyrolysis reactor, where the reactor further comprises electrical means for producing hydrogen radicals from the high-temperature steam in the reactor.    DESCRIPTION OF DRAWING(S) - The figure shows a schematic view of producing bio-oil.    Pyrolysis reactor (30)    Solid raw material (40)    Electrical means (50)    Gaseous components (60)    Bio-oil (120)