Abstract: Stable oxygenated liquid fuel and sugars derivatives were obtained by esterification and water removal of crude bio-oil over Amberlyst-36 ion-exchange resin. The effects of reaction time, catalyst dosage and alcohol-oil ratio were investigated. The results showed that the optimum upgrading conditions were alcohol-oil ratio 1.5:1.0, 15% catalyst dosage and 4 h. Under these operation factors, the acid number of upgraded bio-oil reduced from 72.23 mg/g to 3.98 mg/g, water content decreased from 53.06% to 3.34%, heating value increased from 8.75 MJ/kg to 31.50 MJ/kg. The GC-MS analysis showed that the labile acids, aldehydes and ketones of crude bio-oil could transform to stable oxygenated compounds, and the GC content of stable compounds (esters, alcohols and ethers) reached up to 74.70%. Crude bio-oil and upgrading bio-oil were kept for 3 months to compare the changes of characteristics. The results showed that crude bio-oil was extremely unstable and viscosity increased from 3.21 mm2/s to 48.24 mm2/s. In contrast, upgrading bio-oil was relatively stable and the physicochemical properties were improved significantly. Moreover, 20.00 g upgrading bio-oil, 30.00 g distilled water and 30.00 g dichloromethane were mixed adequately for separation of sugar derivatives. It was found that sugar derivatives could almost completely separate from upgrading bio-oil. The mass of crude sugars was 1.24 g and the total GC content of sugar derivatives was 87.92%, in which β-D-glucopyranoside, butyl accounted for 75.28%.