The present invention relates to a process for manufacturing an upgraded bio-oil derived from black liquor, comprising the following steps: —Providing black liquor, which comes from the pulp and paper manufacturing industry; —Subjecting black liquor to a pyrolysis treatment with formation of a pyrolyzed black liquor gas and a solid mass, which comprises char and salts; —Catalytic conversion of said pyrolyzed black liquor gas by contacting at least part of the latter with a bi-metallic modified zeolite catalyst with formation of the upgraded bio-oil, which comprises benzene, toluene, xylene (BTX), naphthalene and non-BTX products.