The purpose of this study is to evaluate the chemical exergy (e(CH)), the higher heating value (HHV) and the lower heating value (LHV) of liquid products obtained from catalytic fast pyrolysis of hazelnut cupulae. In this study, the first and the second law of fast pyrolysis products of a biomass sample investigated experimentally in fixed-bed reactor under various conditions have been done. Calculations showed that the chemical composition of liquid products obtained from catalytic fast pyrolysis of hazelnut cupulae influences strongly e(CH), HHV and LHV. High proportions of oxygen, compared to carbon or hydrogen, generally reduce e(CH), HHV and LHV of these liquid products. Studies on the pyrolytic oil showed that the oil obtained from hazelnut cupulae can be used as a renewable fuel and chemical feedstock. The chemical exergy value and the higher heating value of this oil are 35.72 MJ/kg and 35.70 MJ/kg, respectively. (C) 2012 Elsevier Ltd. All rights reserved.