NiO/HZSM-5 catalysts with different NiO contents were prepared by impregnation method and their property was investigated. The surface performance tests showed taht the catalyst with 8% loading metal (8-ZSM-5) had satisfied surface morphology and structure. The catalytic activity of NiO/HZSM-5 catalyst was evaluated via the experimental study on catalytic bio-oil model in a self made biomass continuous pyrolysis system. The results showed that the reaction activities of the catalysts were greatly influenced by the NiO content and the catalytic temperature. When the reaction temperature was 400℃ and catalyst loading metal was 8%，the catalyst made the percent conversion of the toluene and guaiacol reach 80% and 85% respectively, which increased 60% and 70% compared with only HZSM-5 catalyst acting. The heat value of upgrading bio-oil model could increase 30% as well. Meanwhile, the addition of NiO decreased the Bronsted acidity by 45%, and improved anti-carbon ability and stability of catalyst, and the lifetime of the catalyst was extented as well. The 8-ZSM-5 catalyst kept the high catalysis activity after 6h reaction.