The effect of catalyst loading in the Aqueous Phase Reforming (APR) of bio-oil aqueous fraction has been studied with a Ni-Co/Al-Mg coprecipitated catalyst. Because of the high content of water in the bio-oil aqueous fraction, APR could be a useful process to convert this fraction into valuable products. Experiments of APR with continuous feeding of aqueous solution of acetol, butanol and acetic acid as the only compound, together with a simulated and a real aqueous fraction of bio-oil, were carried out. Liquid products in the liquid effluent of the APR model compounds were quantified and the reaction pathways were revised. The increase of catalyst loading produced an increase of gas production and a gas with higher alkanes content. Acetol was the compound with the highest reactivity while the conversion of acetic acid was very low. The presence of acetic acid in the feed caused catalyst deactivation.