TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Component: The cracking catalyst comprises a zeolite. The water-gas shift reaction catalyst comprises a transaction metal or transaction metal oxide. The hydrotreating catalyst comprises a noble metal catalyst, nickel molybdenum catalyst, or cobalt molybdenum catalyst. The acid catalyst comprises a sulfated zirconium catalyst.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Process: The process additionally involves combining the liquid product directly with crude oil to make a gasoline product. The catalysts in step (c) are layered in a single reactor such that the pyrolysis vapor contacts the cracking catalyst first, the water-gas shift reaction catalyst second, the hydrotreating catalyst third, and the acid catalyst last or the pyrolysis vapor contacts the water-gas shift reaction catalyst first, the hydrotreating catalyst second, the acid catalyst third, and the cracking catalyst last. The hydrogen produced in the water-gas shift reaction is used in the hydrotreating catalyst. A reaction temperature is controlled for each catalyst layer to promote the corresponding reaction and is changed for each catalyst layer. The pyrolysis vapor contacts a guard bed before at least one of the reactors. A temperature and pressure is controlled for each of the reactors. The temperature is different for each reactor. EXAMPLE - Thermal conversion of biomass was carried out under typical operating conditions for a multi-layer fixed-bed reactor containing Top layer catalyst-HZSM-5 (cracking catalyst); second layer catalyst-Pt supported on mixed oxide (water-gas shift catalyst); third layer catalyst-NiMo and CoMo Supported on gamma -alumina (hydrotreating catalyst); and Bottom layer catalyst-Zeolite beta (acid catalyst). The reaction was carried out at atmospheric pressure and 350-400 degrees C. The volume ratio was determined by space velocities required and also considering cost. The ratio of top layer:second layer:third layer:bottom layer was 5:2:3:10. The resultant bio-oil had less than 10 wt.% of oxygen content; less than 5 wt.% of water content and pH of 5-6.