The main objective of the present work is to investigate the influence of nickel to cerium ratio on hydrogen exchanged Zeolite Socony Mobil-5 (HZSM-5) towards the catalytic upgrading of pine derived oxygenated pyrolysis vapours into aromatic hydrocarbon and phenol in pyrolysis oil via ex-situ fixed bed reactor. The presence of CeO2 could change electron density of Ni, promote the reduction of Ni species, accelerate the transfer of carbon species, and suppress the production of carbon deposits (17.53%-25.11%) compared with the parent HZSM-5 catalyst (28.95%); it also improved the hydrodeoxygenation ability of all xNiyCe/HZSM-5(nickel and cerium bimetal modified HZSM-5) catalysts, resulting increases in noncondensable gas content (from 31.46% to 52.99%-65.53%). Ni to Ce ratio of 1:1 and 1:2 produced highest aromatic hydrocarbon (32.14%) and phenols (55.51%) relative peak areas. The acid center of HZSM-5 and the metal acid center of the Ni:Ce = 1:1 catalyst obviously fine-tuned the formation of coke; and promoted hydrocarbon production. Moreover, high Ni content promoted alkylation of benzene at C6-C9 and increased C10(+) PAHs relative peak area; high Ce content promoted the formation of olefin and Increasing the cleavage of C-O bonds and promoted hydrogenation or dehydrogenation, reduced polycyclic aromatic hydrocarbons and coke yield, and increased phenols and alkylphenols selectivity. (C) 2020 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.