Radiata pine sawdust was pyrolyzed in a bubbling fluidized bed equipped with a char separation system. The influence of the reaction conditions on the production of bio-oil was investigated through the establishment of mass balance, and the examination of the products' chemical and physical characteristics. The optimal reaction temperature for the production of bio-oil was between 673 and 723 K, and the yield was above 50 wt.% of the product. An optimal feed size also existed. In a particle with a size that was less than 0.3 mm, the bio-oil yield decreased due to overheating, which led to gas formation. A higher flow rate and feeding rate were found to be more effective for the production of bio-oil, but did not significantly affect it. The main compounds of bio-oil were phenolics, including cresol, guaiacol, eugenol, benzendiol and their derivatives, ketones, and aldehydes. In addition, high-quality bio-oils, which contained less than 0.005 wt.% of solid, no ash and low concentrations of alkali and alkaline earth metals, were produced due to the char removal system. (C) 2008 Elsevier B.V. All rights reserved.