A critical issue in the design of bubbling fluidized bed reactors for biomass fast pyrolysis is to maintain the bed at a constant level to ensure stable operation. In this work, a bubbling fluidized bed reactor was investigated to deal with this issue. The reactor consists of inner and outer tubes and enables in situ control of the fluidized-bed level in the inner-tube reactor with a mechanical method during biomass fast pyrolysis. The significant fraction of biochar produced from the fast pyrolysis in the inner-tube reactor was automatically removed through the annulus between the inner and outer tubes. The effect of pyrolysis temperature (426−528 °C) and feeding rate (0.8−1.8 kg/h) on the yield and characteristics of bio-oil, biochar, and gaseous products were examined at a 15 L/min nitrogen carrier gas flow rate for wood sawdust with a 0.5−1.0 mm particle size range as a feed. The bio-oil reached a maximum yield of 62.4 wt% on a dry basis at 440 °C, and then slowly decreased with increasing temperature. At least 79 wt% of bio-char byproduct was removed through the annulus and was found in the reactor bottom collector. The GC-MS analysis found phenolics to be more than 40% of the bio-oil products.