Due to their high lipid content, microalgae are one of the most significant sources of green hydrocarbons, which might help lessen the world’s need for fossil fuels. Many zeolite-based catalysts are quickly deactivated by coke production and have a short lifetime. In this study, a bimetallic Lanthanum-Cerium (La-Ce)-modified HZSM-5 zeolite catalyst was synthesized through an impregnation method and was tested for the conversion of hydrolyzed oil into oxygen-free hydrocarbon fuels of high energy content. Initially, hydrolyzed oil (HO), the byproduct of the transesterification process, was obtained by the reaction of crude oil derived from Chlorella vulgaris microalgae and a methanol. Various catalysts were produced, screened, and evaluated for their ability to convert algal HO into hydrocarbons and other valuable compounds in a batch reactor. The performance of HZSM-5 was systematically tested in view of La-Ce loaded on conversion, yield, and selectivity. NH3-TPD analysis showed that the total acidity of the La-Ce-modified zeolites was lower than that of the pure HZSM-5 catalyst. TGA testing revealed that including the rare earth elements La and Ce in the HZSM-5 catalyst lowered the catalyst propensity for producing coke deposits. The acid sites necessary for algal HO conversion were improved by putting La and Ce into HZSM-5 zeolite at various loading percentages. The maximum hydrocarbon yield (42.963%), the highest HHV (34.362 MJ/Kg), and the highest DOD% (62.191%) were all achieved by the (7.5%La-2.5%Ce)/HZSM-5 catalyst, which was synthesized in this work. For comparison, the hydrocarbon yield for the parent HZSM-5 was 21.838%, the HHV was (33.230 MJ/Kg), and the DOD% was 44.235%. In conclusion, La and Ce-loading on the parent HZSM-5 may be responsible for the observed alterations in textural properties; nevertheless, there is no clear correlation between the physical features and the hydrocarbon yield (%). The principal effect of La and Ce modifying the parent HZSM-5 zeolite was to modify the acidic sites needed to enhance the conversion (%) of the algal HO during the catalytic deoxygenation process, which in turn raised the hydrocarbon yield (%) and increased the HHV and DOD%.