Abstract: A method for preparing a high-quality fuel oil and/or chemical raw material from a biomass pyrolysis liquid. In the method, a biomass pyrolysis liquid undergoes a hydrodeoxygenation reaction in a catalyst full mixing flow circulation system in a fluidized bed reactor to obtain deoxygenated oil, and the obtained deoxygenated oil undergoes a hydrocracking reaction in a fixed bed reactor to obtain high-quality fuel oil and/or a chemical raw material. The method may prevent the condensation and coking of a biomass pyrolysis liquid, solve the problem of rapid catalyst deactivation, and may convert a biomass pyrolysis liquid into a high-quality fuel oil that may be directly used by vehicles and into a chemical product.