Technical lignins from various sources can be converted into bio-oil with a low O/C ratio by pyrolysis in the presence of formic acid and an alcohol. By application of different analytical techniques, such as Fourier transform infrared spectroscopy (FTIR), nuclear magnetic resonance (NMR), electrospray ionization mass spectrometry (ESI-MS), and size-exclusion chromatography (SEC), it has been shown that a complete degradation of the lignin takes place irrespective of the origin. The resulting bio-oil has a low-molecular-mass distribution with a preponderance of aliphatic hydrocarbon structures. A substantial number of phenolic compounds are, however, also present, and some of these also contain carboxyl groups. The results clearly show that formic acid is a powerful supplier of atomic hydrogen. By further optimization of the pyrolysis reaction, it should be possible to further reduce the content of aromatic structures.