The oil produced by the pyrolysis of biomass has potential for use as a substitute for fossil fuels. However, the oil needs to be upgraded since it contains high levels of oxygen, which causes low caloric value, corrosion problems, and instability. Generally, upgrading the pyrolysis oil involves the addition of a catalyst, solvent and large amount hydrogen, which can cost more than the oil itself. In this regard, the co-pyrolysis technique offers simplicity and effectiveness in order to produce a high-grade pyrolysis oil. Co-pyrolysis is a process which involves two or more materials as feedstock. Many studies have shown that the use of co-pyrolysis is able to improve the characteristics of pyrolysis oil, e.g. increase the oil yield, reduce the water content, and increase the caloric value of oil. Besides, the use of this technique also contributed to reduce the production cost and solve some issues on waste management. This article tried to review the co-pyrolysis process through several points of view, including the process mechanism, feedstock, the exploration on co-pyrolysis studies, co-pyrolysis phenomena, characteristics of byproducts, and economic assessment. Additionally, several outlooks based on studies in the literature are also presented in this paper.