A low temperature method was used to produce bio-oil from fir sawdust by means of microwave pyrolysis. Effects of reaction temperature, ratios of the microwave absorption medium to sawdust, and reaction time on the yield of bio-oil were investigated. The results show that an optimized yield of 21.22% is achieved. Bio-oil obtained was analyzed by gas chromatography-mass spectrometry and Fourier transform infrared, and the result reveals that the product mainly consists of phenolic compounds with esteric compounds as the minor components. Thermal weight loss curves of bio-oil were determined by thermogravimetry-differential thermal analysis in the oxygen atmosphere at different super-heating rates, and combustion kinetic parameters were calculated.