When compared to conventional liquid fuels, bio-oil has several undesired properties such as high viscosity, high acidity, high molecular weight, instability, and phase separation upon aging. Therefore, bio-oil needs further stabilization and upgrading before it can be used as a fuel in engines. Phase separation is considered as one of the major issues because it is detrimental to any fuel application and creates problems in storage, transportation and upgrading of bio-oils. This thesis investigates the phase separation of hardwood derived bio-oil under accelerated aging conditions. Different alcohols are used as stabilizing agents and the minimum required amount of alcohol for preventing phase separation for a given period of time is determined. The evolution in chemical composition of bio-oil during aging is studied using model compounds. Finally, this thesis explores the use of fractional condensation during bio-oil production to obtain a more stable bio-oil
