Abstract: In this study, waste clay oil was used as raw material to produce high quality bio-oil via catalytic pyrolysis in a fixed bed reactor. Firstly, the thermal decomposition and pyrolysis behavior of clay oil were investigated; then the effect of pyrolysis temperature,carrier gas flow rate, catalytic mode and catalyst to clay oil ratio on bio-oil compositions were also investigated systematically. In addition, two kinds of catalyst (MCM-41 and CaO) were also used to catalyze pyrolysis of clay oil and the catalytic effect of them was also compared. The detailed compositions of the bio-oil were analyzed by gas chromatograph-mass spectrometer (GC-MS). The results showed that under the condition of ex situ catalysis, the carrier gas rate of 0.1 NL / min, the reaction temperature of 550 °C, and the catalyst ratio of 1/5. The bio-oil yield was about 83%, with a hydrocarbon content of 87.6% and an aromatic content of 80.5%. Compared to MCM-41, CaO can promote the decarboxylation of waste clay oil and effectively improve the quality of bio-oil.