In this work, we prepared iron- or nickel-impregnated cellulose to examine the influence of the metal on the yield and composition of fast pyrolysis products. In order to identify the mechanisms promoted during the catalytic conversion, pyrolysis was investigated using an experimental set-up coupling TG (thermogravimetric) analysis and Micro-GC (Gas Chromatography). The results showed that with relatively low catalyst loading (mass fraction of 1.5% Fe or 1.7% Ni) impregnated metal can catalyze some rearrangement reactions such as dehydration and decarboxylation starting from 180 °C, promoting the char formation and thus inhibiting cellulose depolymerization. As a consequence metal impregnation led to a decrease of tar and CO yields balanced by an increase of char, H2O and CO2 yields. Depending on the applied metal, other primary reactions can be specifically catalyzed. In particular, in the presence of nickel TG analysis revealed an important mass loss at temperatures as low as 210 °C and an important increase of H2 production in the temperature range 400–500 °C. These findings open promising perspectives to optimize the production of fuels and chemicals from biomass.