The objective of this paper is to investigate the biomass torrefaction effect on bio-oil stability by comparing the physicochemical and compositional properties of aged bio-oils. Two aging methods, accelerated aging (held at 80 degrees C for 24 h) and long-term natural aging (12-month storage at 25 degrees C), were employed to produce aged bio-oils for such comparison. The results indicate that bio-oils made from heat-treated wood had similar aging behavior in terms of increase of water content, acid content, molecular weight, and viscosity. The increase rate, however, was found to be different and dependent on the aging method. The accelerated method found parallel water and total acidity number (TAN) increments between raw and torrefaction bio-oils, while the natural aging method found torrefaction bio-oils, especially those made from heavily treated wood, had much slower water and acid accumulation than that of raw bio-oil. As a negative effect, both methods identified the viscosity of torrefaction bio-oils increased more significantly than that of raw bio-oil, while their molecular weights were unexpectedly lower. The correlation study showed that bio-oil viscosity is more tied to the content of bio-oil water insoluble fraction rather than its average molecular weight. In addition, the characterization of aged bio-oils using NMR, GC/MS, and solvent fractionation indicated that torrefaction bio-oils had less compositional alternation after accelerated aging than the raw bio-oil. Also, they were more stable during the first 6 months of storage at room temperature. During the long-term storage, the raw bio-oil completely phase-separated after 6 months. However, two distinct torrefaction bio-oils (LP-280T and LP-330T) had enhanced phase stability, as a stable uniform oil phase without gum formation can be maintained during the entire 12-month storage.