Guayule is a perennial shrub grown in the southwestern United States that produces hypoallergenic natural latex. However, only 10% of the plant material is used for latex production, the remaining material (bagasse) is waste biomass material that can be used for renewable fuel production. Fast pyrolysis can convert lignocellulosic biomass into pyrolysis liquids (bio-oils) that can be used as boiler fuel or can be upgraded to liquid transportation fuels. The fast pyrolysis of both guayule bagasse and the whole shrub material was studied on both an analytical and at bench scale for production of bio-oil in a fluidized bed reactor. Over a sand medium, bio-oil was produced in the 60% yield range. Bio-oils from guayule pyrolysis had energy content higher than that of typical fast pyrolysis oil, about 30 MJ/kg, 75% the value of heavy fuel oil. Results of pyrolysis over various catalysts will also be presented, along with detailed analysis of the composition and properties of the bio-oil and coproducts produced.