Two series of bimetallic Ni-Co catalysts and corresponding monometallic catalysts with ca. 20 wt% metal loading were evaluated in hydrodeoxygenation (HDO) of phenol as a model compound for bio-oil. The bimetallic catalysts outperformed the corresponding monometallic catalyst in terms of conversion and cyclohexane selectivity. This could be attributed to the formation of Ni-Co alloy, which caused a decrease in metal particle size and stabilized Ni active sites in the near surface region. The balanced combination of formed Ni-Co alloy with acidity from supports allowed performing all individual steps in the reaction network toward desired products at high rate. Consequently, the two best-performing catalysts were tested in HDO of wood based bio-oil, showing that the bimetallic catalyst 10Ni10Co/HZSM-5 was more effective than 20Ni/HZSM-5 in terms of degree of deoxygenation and upgraded bio-oil yield. These findings might open an opportunity for development of a novel cheap but effective catalyst for a key step in the process chain from biomass to renewable liquid fuels.