In this paper the authors provide comparative evaluation of current research that used liquefaction and pyrolysis method for bio-oil production from various types of biomass. This paper review the resources of biomass, composition of biomass, properties of bio-oil from various biomass and also the utilizations of bio-oil in industry. The primary objective of this review article is to gather all recent data about production of bio-oil by using liquefaction and pyrolysis method and their yield and properties from different types of biomass from previous research. Shortage of fossil fuels as well as environmental concern has encouraged governments to focus on renewable energy resources. Biomass is regarded as an alternative to replace fossil fuels. There are several thermo-chemical conversion processes used to transform biomass into useful products, however in this review article the focus has been made on liquefaction and pyrolysis method because the liquid obtained which is known as bio-oil is the main interest in this review article. Bio-oil contains hundreds of chemical compound mainly phenol groups which make it suitable to be used as a replacement for fossil fuels.