NOVELTY - Converting a biomass-derived pyrolysis oil comprises (i) preparing a catalyst containing one or more Group VIII metals by (a) mixing one or more Group VIII metal components, a waterborne refractory oxide component comprising a refractory oxide comprising titania, zirconia and/or silica and a water-soluble base, in an aqueous solvent, and (b) subjecting obtained metal-containing aqueous mixture to precipitation conditions, and (ii) contacting a feed containing the biomass-derived pyrolysis oil with hydrogen at a temperature of 50-350 degrees C in the presence of the catalyst.    USE - The method is useful for converting a biomass-derived pyrolysis oil into one or more fuel components and/or one or more chemical components (all claimed). The biomass-derived pyrolysis oil is used for transport and/or storage.    ADVANTAGE - The method ensures safe and economical conversion of biomass-derived pyrolysis oil with improved quality whilst maintaining a good catalyst activity. The stabilized biomass-derived pyrolysis oil does not form an undesired sludge (when reacted within some other compounds) during transport and/or storage.    DETAILED DESCRIPTION - Converting a biomass-derived pyrolysis oil comprises (i) preparing a catalyst containing one or more Group VIII metals in an amount of greater than or equal to 30 wt.%, by (a) mixing one or more Group VIII metal components, a waterborne refractory oxide component comprising a refractory oxide comprising titania, zirconia and/or silica and a water-soluble base, in an aqueous solvent to prepare an metal-containing aqueous mixture, and (b) subjecting the metal-containing aqueous mixture to precipitation conditions, and (ii) contacting a feed containing the biomass-derived pyrolysis oil with hydrogen at a temperature of 50-350 degrees C in the presence of the catalyst. INDEPENDENT CLAIMS are included for:    (1) a method-II for preparing the catalyst comprising performing the step (a) as above per se, subjecting the metal-containing aqueous mixture to precipitation conditions to prepare a catalyst powder or catalyst, and optionally calcining the catalyst powder or catalyst to prepare a calcined catalyst; and    (2) the catalyst obtainable or obtained by the method-II.