Fast pyrolysis of biomass to produce bio-oil is an important technology to utilize lignocellulosic biomass, because the liquid bio-oil is regarded as a promising candidate of petroleum fuels. However, bio-oil is a low-grade liquid fuel, and required to be upgraded before it can be directly utilized in existing thermal devices. Catalytic cracking is an effective way to upgrade bio-oil, which can be performed either on the liquid bio-oil or the pyrolysis vapors. Various catalysts have been prepared and used for catalytic cracking, and they exhibited different catalytic capabilities. This paper will review the recent progress of the catalytic cracking of liquid bio-oil or pyrolysis vapors.