A new procedure to develop accurate lumped kinetic models for complex fuels is proposed, and applied to the experimental data of the heavy fuel oil measured by thermogravimetry. The new procedure is based on the pseudocomponents representing different reaction stages, which are determined by a systematic optimization process to ensure that the separation of different reaction stages with highest accuracy. The procedure is implemented and the model prediction was compared against that from a conventional method, yielding a significantly improved agreement with the experimental data.