The co-gasification of bio-oil produced via fast pyrolysis and black liquor from the pulp industry may yield a valuable feedstock for renewable gasification. This study investigated the synergistic potential of this co-gasification process. Experiments were conducted in a miniature conical spouted-bed reactor at 800 °C using bio-oil/black liquor mixing ratios ranging from 1:9 to 9:1 under equivalence ratios (ER) of 0.1, 0.3, and 0.5. Syngas characteristics and gasification performance were assessed using the lower heating value (LHV), H₂/CO ratio, cold gas efficiency (CGE), and carbon conversion ratio (CCR). Increasing the bio-oil fraction increased CO and CH₄ concentrations due to its higher carbon content and lower moisture content, whereas black liquor promoted H₂ formation through moisture-driven water–gas shift reactions. Higher ER values intensified combustion, increasing CO₂ while reducing combustible gases. The most energy-rich syngas, with the highest LHV and CGE, was obtained using a 9:1 mixture at ER = 0.1. The CCR was greatest for pure bio-oil and the 5:5 ratio among mixtures, reflecting the catalytic effects of alkali species in black liquor. These results demonstrate that co-gasification can improve syngas quality and carbon utilization, with optimal performance depending on the intended application.