In the present work, we compared the chemical profile of the organic compounds produced in non-catalytic pyrolysis of sugarcane bagasse at 500 °C with those obtained by the in-line catalytic upgrading of the vapor phase at 350 °C. The influence over the chemical profile was evaluated by testing two Ni-based catalysts employing an inert atmosphere (N₂) and a reactive atmosphere (H₂) under atmospheric pressure with yields of the liquid phase varying from 55 to 62%. Major changes in the chemical profile were evidenced in the process under the H₂ atmosphere, wherein a higher degree of deoxygenation was identified due to the effect of synergistic action between the catalyst and H₂. The organic fraction of the liquid phase, called bio-oil, showed an increase in the relative content of alcohols and phenolic compounds in the GC/MS fingerprint after the upgrading process, corroborating with the action of the catalytic process upon the compounds derived from sugar and carboxylic acids. Thus, the thermal conversion of sugarcane bagasse, in a process under an H₂ atmosphere and the presence of Ni-based catalysts, promoted higher deoxygenation performance of the pyrolytic vapors, acting mainly through sugar dehydration reactions. Therefore, the adoption of this process can potentialize the use of this waste biomass to produce a bio-oil with higher content of phenolic species, which have a wide range of applications in the energy and industrial sectors.