Catalytic pyrolysis has been widely explored for bio-oil production from lignocellulosic biomass owing to its high feasibility and large-scale production potential. The aim of this review was to summarize recent findings on bio-oil production through catalytic pyrolysis using lignocellulosic biomass as feedstock. Lignocellulosic biomass, structural components and fundamentals of biomass catalytic pyrolysis were explored and summarized. The current status of bio-oil yield and quality from catalytic fast pyrolysis was reviewed and presented in the current review. The potential effects of pyrolysis process parameters, including catalysts, pyrolysis conditions, reactor types and reaction modes on bio-oil production are also presented. Techno-economic analysis of full-scale commercialization of bio-oil production through the catalytic pyrolysis pathway was reviewed. Further, limitations associated with current practices and future prospects of catalytic pyrolysis for production of high-quality bio-oils were summarized. This review summarizes the process of bio-oil production from catalytic pyrolysis and provides a general scientific reference for further studies.