Fast pyrolysis bio-oil (FPBO) sourced from residual biomass waste (such as sawdust) is a promising feedstock that may be used for biofuel production. Their inorganic elements may, however, vary and cause deactivation of the catalysts in the hydrodeoxygenation (HDO) upgrading biorefinery unit. It was found that the use of zeolite Y and strong acidic ion-exchange resins as adsorbents was almost equally efficient in lowering the concentrations of Ca from <10 to <1 ppm and of Fe, K, and Mg to <0.3 ppm in FPBO at 30 °C, atmospheric pressure, and 4 h adsorption time. The removal efficiency of zeolite and resins exceeded 85−98% (detection limit) of these particular elements. For the first time for the FPBO, phosphorus was reported as being successfully targeted by aluminum oxide, being lowered from 1 ppm to <0.1 ppm, which is a reduction of at least 90%. Characterization of the oil and sorbents suggests that the surface acidity affects the removal efficiency of these elements from FPBO. Organic compounds in the pyrolysis oil, including isopropanol, lactic acid, hydroxy acetone, furfural, guaiacol, and levoglucosan, were semiquantified using two-dimensional gas chromatography coupled with mass spectrometry (GCxGC-MS). Compared to the fresh oil, the compositions and contents of these organic compounds were not impacted significantly by the sorbents under these mild operating conditions. This research indicates that inorganic impurities present in bio-oils can be removed, and thus, they may be considered feedstocks for producing biofuels with less deactivation of HDO catalysts.