In this study, the production of bio-oil and activated carbon from sugarcane bagasse and molasses was investigated via pyrolysis and CO2 activation. The pyrolysis process yielded char, bio-oil, and gases in 25.90, 41.11, and 32.99 wt%, respectively. The properties and characteristics of obtained bio-oil are comparable with the proposed specifications of the various grades of pyrolysis oils and could find potential application as fuel or source of a number of valuable chemicals. The activation process with CO2 showed it was possible to obtain activated carbon with surface area up to 900 m2 g(-1) over 4.5 h activation time with a predominance of micro-and mesopores. The bagasse-based activated carbon was found to be efficient in comparison to commercial activated carbon in removing molasses color, and might provide a lower-cost alternative adsorbent for use in sugar decolorization in raw sugar refining. (C) 2015 Elsevier Ltd. All rights reserved.