Obtaining renewable transportation fuel has been identified as one of the main challenges for a sustainable society. Catalytic pyrolysis followed by hydrotreatment has been demonstrated as one possible route for producing transportation fuels. Using steam in this process could have a number of benefits as given by our research effort. For this paper, we will show that a catalyst together with steam prolongs the activity of the catalyst by preventing coking. This means that both steam and catalyst mutually benefits the deoxygenation. The presented mass and energy balance shows that up to 40% of the calorific value of biomass remains in the deoxygenated oil, on dry basis. This is in contrast to the mass yield, which for the same case was 25%; meaning that the oil is of significantly higher quality with a high content of hydrocarbons. In addition, CFD studies have shown steam is able to redistribute the heat flux and provide more uniform operating conditions compared to for example nitrogen. In conclusion, this route using steam shows promise for displacing fossil transportation fuels, by upgrading of the liquid in existing refineries or next-generation bio refineries. In additional support of this, we have published a number of papers describing conventional fast pyrolysis using steam, CFD modeling for further understanding and experimental work using a combination of steam and firstly a bimetallic catalyst (Ni, V) then a metal modified HZSM5 catalyst (Ni, V, Zeolite, Binder). This paper connects all these individual studies and provides further understanding of the role of steam and the role of steam in combination with a catalyst, in the fast pyrolysis process.