This paper describes the production and fuel properties of fast pyrolysis oil/bio-diesel blends. The bio-oils used in this study were produced from the fast pyrolysis of woody biomasses, oil mallee and pine. The bio-diesel employed was derived from canola vegetable oil. The conditions used to prepare the bio-oil/bio-diesel blends, as well as some of the fuel properties of the resulting bio-diesel rich phase, are reported. The experimental results show that the solubility of fast pyrolysis oils in bio-diesel is not as high as was previously reported for decanted oils obtained by Auger pyrolysis. The carboxylic acids, mono-phenols, furans and lignin derived oligomers were the compounds most soluble in bio-diesel, while the sugars, on the other hand, showed poor solubility. Although the presence of phenols enhances the oxidation stability of the bio-diesel rich phases, other fuel properties deteriorate. For example, the content of solid residues increased primarily because of the solubilisation of lignin derived oligomers, which were quantified by UV-fluorescence. Concentrations as high as 3.5 mass of these compounds were observed in the bio-diesel rich phase. The solubility of bio-oil in bio-diesel was enhanced by using ethyl acetate/bio-diesel blends. Some fuel properties of the bio-diesel rich phase, after the removal of ethyl acetate, are reported.