TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Method: The hydro-reforming step is carried out at 250-450 degrees C and at an absolute pressure of 3.4-27.6 MPa (500-4000 psi). The bio-oil is produced by fast or flash pyrolysis from biomass feedstock. The partially upgraded bio-oil phase with or without the hydrocarbon type liquid contained in the organic phase is: further subjected to a hydrotreatment step in the presence of hydrogen and a hydrotreating catalyst at 250-450 degrees C, at a pressure of 2-25 MPa and at an hourly space velocity of 0.1-20/hour; further subjected to a hydrocracking step (mild hydrocracking step) in the presence of hydrogen and a hydrocracking catalyst at 200 degrees C, preferably 250-480 degrees C, at a pressure of 2-25 MPa and at an hourly space velocity of 0.1-20/hour; and co-processed with fossil derived feedstock. The hydrocarbon type liquid is recycled hydrocarbon liquid obtained from the further hydrotreatment and/or hydrocracking and/or mild hydrocracking step(s). The effluent obtained from the further hydrotreatment and/or hydrocracking and/or mild hydrocracking step(s) is further subjected to a high pressure hydrocracking step in the presence of hydrogen and a hydrocracking catalyst at 250-480 degrees C, at a pressure of 2-25 MPa, and an hourly space velocity of 0.1-20/hour. Preferred Components: The dispersing agent is recycled partially upgraded bio-oil phase with or without the hydrocarbon type liquid contained in the organic phase (preferred), surfactant (preferably non ionic surfactant), oxygen-containing solvent, pure or blended, or any hydrocarbon type liquid product containing oxygen. The hydrocarbon type liquid is aromatic hydrocarbon solvent, naphthenic hydrocarbon solvent, naphtheno-aromatic hydrocarbon solvent, fossil or biomass fuel derived hydrocarbon liquid and/or a recycled hydrocarbon liquid obtained from further hydrotreatment and/or hydrocracking and/or mild hydrocracking step(s) of the upgraded bio-oil. The organic phase contains oxygen (less than 15 mass%) and water (less than 2 mass%). The transition metal catalyst comprises a group 10 metal, singly or in combination with at least one metal comprising group 3-12, where the catalyst is supported on a support. The group 10 metal catalyst is nickel, singly or in combination with at least one metal comprising cerium, zirconium, chromium, molybdenum, tungsten, manganese, rhenium, iron, ruthenium and copper, and the support is porous carbon. The catalyst is nickel-chromium or nickel-manganese on porous carbon. EXAMPLE - No suitable example given.