The production of coal tar pitch (CTP), used as an anode binder in the aluminium industry, relies on unsustainable fossil fuels, leading to significant CO2 emissions. Bio-based binder, derived from biomass pyrolysis product bio-oil, could be a promising substitute for CTP due to its similar rheological properties. This study aims to evaluate different phases of industrial bio-oil from the same source, subjected to different heat treatments, to determine their potential as coal tar pitch alternatives. Bio-binder samples were obtained via heat treatment under various temperatures and holding times. Characterization of the two phases of bio-oil and the obtained bio-binder samples including water content, FTIR, TGA, and viscosity were conducted. The results showed that two phases of bio-oil, used in this project, have similar chemical and thermal properties. The bio-binders produced by these two bio-oils also showed similar rheological properties. The rheological properties of bio-binders were improved using higher heat treatment temperatures and/or longer holding times. To produce a solid binder material, the experiment temperature should be higher than 200 degrees C. In this study, the bio-binder produced at a heat treatment temperature of 270 degrees C and a holding time of 60 min exhibited rheological properties close to the commercial CTP.