In this work, the iron-modified Ni-Co composite catalyst was synthesized, and its catalytic effect on product distribution, behaviour and liquid characteristics was deeply studied. The result showed that the synthesized catalyst significantly improved the pyrolysis behaviour of cellulose, and the decomposition of cellulose occurred earlier. The highest yield of liquid product was 56.79wt%, which was obtained by adding the NCF-6 catalyst. The optimal ratio of catalyst in the sample was 5%, and the optimal pyrolysis temperature was 530°C. The characteristics of liquid product showed the introduction of the synthesized catalyst enhanced the decomposition of anhydrosugars and significantly promoted the generation of ketones in the liquid. The highest content of ketones in the liquid was 25.12%. Further analysis showed that the selectivity of 2(5H)-Furanone in the liquid component was strongest. These works provided an effective way to produce ketone-rich bio-oil from biomass.