Transformation of anisole (methoxybenzene), a typical component of bio‐oil, into phenol and methylated phenols was studied over HY zeolites with framework Si/Al ratios of 5, 15, 25, and 35. It was demonstrated that the amounts of Brønsted acid and Lewis acid sites, the ratio of Lewis acid and Brønsted acid sites, and the textural properties of the zeolites were all crucial parameters that influenced the catalytic performance. The Brønsted acid and Lewis acid sites of the zeolites catalyzed the reaction cooperatively and efficiently promoted the transmethylation. The hierarchical channel system with fully open micropore–mesopore connectivity was favorable to reduce the amount of coke generated.