Abstract: The boiling point distribution of deacidified and dehydrated pyrolysis liquid phase product, separation process and the earnings of high value-added phenolic chemicals were analyzed. The process routes of graded distillation of the deacidified and dehydrated pyrolysis liquid phase product to prepare crude fuel oil, rich phenol oil and biological asphalt, as well as the process route for further separatmg rich phenol oil to prepare fine chemicals were put forward.Simulation results showed that the crude fuel oil, rich phenol oil and biological asphalt could be obtained by the initial separation for deacidified and dehydrated pyrolysis liquid phase product in distillation tower T-1 and T-2, and then by further distillation separation for the obtained rich phenol oil, 91.13% phenol, 94.58% o-cresol, medical raw materials (mainly including guaiacol 53.44%, 3-methylphenol 34.85%, diethyl malonate 11.56%), perfumery (2, 4-dimethylphenol 32.78%, 4-ethylphenol 26.03%, 4-methylguaiacol 31.85% and a small amount of other phenolic compounds), dye (allyl phenol 11.16%, 3-methylo-phenol 35.84%, 3-methylcyclopentane-1, 2- dione 41.56% and a small amount of other organics) and other fine phenolic chemicals are got. Calculation by the cost RMB 2 000 per ton of deacidified and dehydrated pyrolysis liquid phase product, energy consumption was RMB 497.41, total product price was RMB 5 362.20, gross profit of RMB 2 864.79 could got, which achieved the high efficient comprehensive utilization of deacidified and dehydrated pyrolysis liquid phase product.