Catalysts useful in transforming biomass to bio-oil are disclosed, as are methods for making such catalysts, and methods of transforming biomass to bio-oil. The catalysts are especially useful for, but are not limited to, microwave- and induction-heating based pyrolysis of biomass, solid waste, and other carbon containing materials into bio-oil. The catalysts can also be used for upgrading the bio-oil to enhance fuel quality.