Through catalytic hydrogen transfer reactions, a new biorefining method results in the isolation of depolymerized lignin—a non‐pyrolytic lignin bio‐oil—in addition to pulps that are amenable to enzymatic hydrolysis. Compared with organosolv lignin, the lignin bio‐oil is highly susceptible to further hydrodeoxygenation under low‐severity conditions and therefore establishes a unique platform for lignin valorization by heterogeneous catalysis. Overall, the potential of a catalytic biorefining method designed from the perspective of lignin utilization is reported.