Hydrodeoxygenation　(HDO)　is　a　promising　route　to　convert　biomass　molecules　into　biofuels,　which　is　usually　promoted　by　supported　noble　metal　catalysts.　It　is　still　one　of　the　key　issues　to　reduce　the　usage　of　noble　metal　for　improving　the　atomic　efficiency　of　the　catalyst.　As　a　type　of　emerging　catalytic　materials,　single-atomically　dispersed　bimetallic　catalyst　(SDBM)　is　a　promising　candidate　for　this　purpose.　Herein,　we　investigated　a　single-atomically　dispersed　Pd/Fe2O3　catalyst　with　the　exceptional　HDO　activity.　At　573　K,　anisole　conversion　is　99%　while　the　selectivity　to　HDO　products　is　84%.　The　turnover　rate　per　Pd　atom　is　182.2　h-1,　which　is　remarkably　greater　than　that　of　supported　Pd　nanoparticles.　Additionally,　it　exhibits　good　stability　for　more　than　110　h　of　continuously　operation.　The　authentic　catalytic　sites　during　reaction　was　studied　by　comprehensive　techniques.　The　presence　of　the　Pd　atoms　on　Fe2O3　changes　the　surface　chemistries　of　the　catalyst　surface,　then　boosts　the　HDO　activity　consequently.　As　unveiled　by　in-situ　X-ray　absorption　spectroscopy,　the　Pd　atoms　are　coordinated　with　2.76　nearby　Fe　atoms　in　average　via　metallic　Pd-Fe　bonds.　Under　HDO　reaction　conditions,　single　atomically　dispersed　Pd1Fe3　bimetallic　sites　are　generated　in-situ　and　act　as　the　authentic　catalytic　sites.