Palladium supported on SBA-15 catalysts were developed and employed for catalytic cracking of biomass fast pyrolysis vapors using analytical pyrolysis-gas chromatography/mass spectrometry (Py-GC/MS). The Pd/SBA-15 catalysts displayed prominent capabilities to crack the lignin-derived oligomers to monomeric phenolic compounds and further convert them to phenols without the carbonyl group and unsaturated C-C bond on the side chain. Moreover, the catalysts almost completely eliminated the anhydrosugar products and decarbonylated the furan compounds. They also significantly decreased the linear aldehydes and dehydroxylated the linear ketones. In addition, the catalysts slightly decreased the acids, while methanol and hydrocarbons were increased. The above catalytic capabilities of the Pd/SBA-15 catalyst were enhanced with the increase of Pd content from 0.79 wt % to 3.01 wt %.