A bifunctional Pt–Pd catalyst supported on phosphorus-containing activated carbon has been prepared, characterized and tested in the hydrocracking of a hydrotreated tire pyrolysis oil. The product has a very interesting composition: 48–78 wt% naphtha and 19–42 wt% diesel fractions, with moderate amounts of aromatics (< 40 wt%) and sulfur (< 250 ppm). The challenge was to prepare a stable, porous, selective and acid carbonaceous catalyst from a waste (olive stone), which has been confirmed from the catalytic properties and product distribution point of view. In fact, phosphate groups in the activated carbon are stable hydrocracking sites, with comparable performance to that of the acid sites present in amorphous SiO2–Al2O3.