Thermal chemical liquefaction of pin sawdust was carried out in a 1 L autoclave. Solid and liquid products were recovered with three solvents, and four kinds of different oil was obtained. The influence of reaction temperature and catalysts on production rate and composition of the bio-oil was investigated. The results showed that the highest conversion rate of pin sawdust was obtained under the temperature of 320℃ without catalyst. Four different catalysts were used under the temperature of 300℃, the highest conversion rate of pin sawdust was gained with the catalyst of Fe3+-exchanged HZSM-5 zeolite, the production rate was 42.8%, rose by 9.7% as compared to no catalyst conditions, meanwhile, the production rate of residue was reduced by 5.8%. components of bio-oil was analyzed by gas chromatography-mass spectrometry (GC-MS), the results showed that compared with no catalyst, the catalyst of Fe3+-exchanged HZSM-5 could make the proportion of the long chain compounds obviously diminish, and the proportion of the main compound butylated hydroxy toluene increased markedly reaching more than 50%. Adding metal-modified catalysts can increase the production rate of bio-oil, and provides a new way for producing high added value chemical product via biomass.