In this work, the upgrading reactions of high-boiling fraction (HBF) of bio-oil were carried out over a series of supported mono- and bi-metallic catalysts under the supercritical methanol condition. During these reactions, esterification and cracking (alcoholysis and hydrocracking) were the two dominant processes. PtNi/MgO exhibited good performance, and gave a high yield (72.4 wt.%) of refined oil. The acid-base properties of the supports have an important effect on the coke deposition on the catalyst surface. The acidic catalysts gave the somewhat lower product yields, but tended to inhibit coking reaction. This would improve the life of the catalysts in the practical applications. The refined oil is believed to be a potential substitute or partial substitute for the fossil transportation fuel. (C) 2011 Elsevier Ltd. All rights reserved.