There has been an enormous amount of research in recent years in the area of thermo-chemical conversion of biomass into bio-fuels (bio-oil, bio-char and bio-gas) through pyrolysis technology due to its several socio-economic advantages as well as the fact it is an efficient conversion method compared to other thermo-chemical conversion technologies. However, this technology is not yet fully developed with respect to its commercial applications. In this study, more than two hundred publications are reviewed, discussed and summarized, with the emphasis being placed on the current status of pyrolysis technology and its potential for commercial applications for bio-fuel production. Aspects of pyrolysis technology such as pyrolysis principles, biomass sources and characteristics, types of pyrolysis, pyrolysis reactor design, pyrolysis products and their characteristics and economics of bio-fuel production are presented. It is found from this study that conversion of biomass to bio-fuel has to overcome challenges such as understanding the trade-off between the size of the pyrolysis plant and feedstock, improvement of the reliability of pyrolysis reactors and processes to become viable for commercial applications. Further study is required to achieve a better understanding of the economics of biomass pyrolysis for bio-fuel production, as well as resolving issues related to the capabilities of this technology in practical application.