A process for the preparation of a biofuel and/or biochemical from a pyrolysis oil, which pyrolysis oil essentially has not been pretreated or upgraded by hydrotreatment and/or hydrodeoxygenation, comprising the steps of i) contacting the pyrolysis oil with a catalytic cracking catalyst at a temperature of equal to or more than 400°C in the presence of a hydrocarbon co-feed to produce one or more cracked products; ii) fractionating one or more of the cracked products to produce one or more product fractions; iii) using one or more of the product fractions to produce a biofuel and/or biochemical.