Catalytic fast pyrolysis of eucalyptus wood was performed on a continuous laboratory-scale fluidized bed fast pyrolysis system. Catalytic activity was monitored from use of fresh catalyst up to a cumulative biomass/catalyst ratio (B/C) of 4:1 over extruded pellets of three different ZSM-5 catalysts by tracking CO, CO2, H-2, and C2H4 production and bio-oil quality. The catalysts employed were extruded HZSM-5 with two different silica/alumina ratios (30 and 80) as well as one modified with Ga (SiO2/Al2O3 = 30) by ion exchange, which was reduced under H-2 prior to pyrolysis. The deactivation of the catalysts over the course of the experiment was reflected in the decline in deoxygenation activity, following the order HZSM-5 (30) > HZSM-5 (80) > GaZSM-5 (30). HZSM-5 (30) lost most of its activity before a cumulative B/C of 2:1 was reached, while HZSM-5 (80) still showed significant deoxygenated activity at this exposure level. GaZSM-S (30) still showed deoxygenation activity at B/C of >4:1. The improvement exhibited by HZSM-5 with an increasing SiO2/Al2O3 ratio was attributed to reduced acid site density that decreased the propensity for coke formation as a result of reactions occurring between substrates at adjacent active acid sites. For reduced GaZSM-5, initial dehydrogenation activity aided in the production of aromatics by the olefin oligomerization and aromatization route up to B/C of 1.5:1, after which Ga became completely oxidized; however, the oxidized GaZSM-5 catalyst continued to exhibit improved decarbonylation and decarboxylation activities.