Bio-oil produced from biomass by the fast pyrolysis method is promising as a renewable fuel and as sources of industrial chemicals. In this study, lower cost separation methods of organic acids such as acetic and formic acids and pyrolytic lignin fraction present in bio-oil were investigated to provide basic data needed for future industrial production procedures. The calcium oxide method and a quaternary ammonium anion-exchange resin method were studied to separate organic acids as respective salts and the methanol-and-water method was studied to separate the water-insoluble pyrolytic lignin fraction. The calcium oxide and anion-exchange methods were shown to be effective in separation of organic acids, although further improvements would be needed. The pyrolytic lignin separation method was also shown to give lignin fraction that is effective for up to 40% replacement of phenol in the oriented strand board core-layer binder PF resins.