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Biomass is a renewable energy source with great potential. One of the promising ways for the conversion of biomass into more suitable forms of energy is its pyrolysis. Liquid products of the biomass pyrolysis—pyrolysis oils (or bio-oils)—could be used in the future as biofuel or as feedstock for valuable chemicals. Detailed knowledge about their chemical composition is crucial, as it can facilitate the design of processes for the necessary upgrading of bio-oils. This paper outlines current knowledge about the composition of bio-oils and presents an overview of the commonly used analytical methods and procedures for the characterization of the liquid pyrolysis products of biomass. The capabilities and limitations of these methods are discussed as well.