Catalytic pyrolysis of biomass over metal modified zeolites (multifunctional catalysts) is a very promising route for production of hydrocarbons and less oxygenated liquid feedstock suitable for fuels and/or chemicals. In this work the effect of zeolite to binder ratio (Z/B) of a metal modified HZSM5, on products yields and composition during steam pyrolysis of biomass has been investigated. Increased zeolite content resulted in lower liquid yield and increased coke formation; however, more deoxygenated liquids obtained at higher zeolite loadings. Char yield is not significantly affected by the zeolite content. Declining catalytic activity is observed at longer time on stream because of coke deposition. While acidic function of the catalyst deoxygenates carboxylic acids and carbonyls, metal functions seem to selectively convert phenols and methoxy phenols. Competitive steam adsorption on the acid sites of the zeolite seems to lower the conversion to aromatics. The high availability of acid sites, at higher zeolite loading, increases aromatics concentration exponentially. Increased yields of hydrogenated products have been obtained indicating that the Ni-V/HZSM5 catalyst exhibits some hydrogenation activity. (C) 2013 Elsevier Ltd. All rights reserved.