In situ catalytic fast pyrolysis can be used to produce partially upgraded bio‐oils. This process, however, suffers from rapid catalyst deactivation caused by coke formation, which necessitates the use of continuous catalyst regeneration. This can be achieved by using a circulating fluidized‐bed reactor. In such a reactor, one key operational variable is the catalyst‐to‐biomass (C/B) ratio, which influences the extent of the catalytic reactions that take place. In this study, woody biomass is pyrolyzed in a pilot‐scale circulating fluidized‐bed reactor system using a HZSM‐5 zeolite with varying C/B ratios. The C/B ratio influences the overall product distribution, the elemental distribution, and the characteristics of the liquid products. An increase of the C/B ratio enhances the conversion of pyrolysis vapors but this does not result in a continuous improvement in bio‐oil quality. The C/B ratio is, nevertheless, a factor that can be used to optimize the catalytic fast pyrolysis process.