Pyrolytic lignin is attributed to the instability of bio-oil but is a potential chemical material. To improve the stability and increase the economic viability of bio-oil, high- and low-molecular-mass pyrolytic lignin (HMM and LMM) were obtained using solvent extraction. The microstructure of pyrolytic lignin was examined by Fourier transform infrared spectrometry (FTIR). The dissimilar absorption intensities indicated the different content of corresponding functional groups in HMM and LMM. The pyrolysis behavior of HMM and LMM was studied by thermogravimetry coupled with FTIR. Obviously pyrolytic lignin undergoes three weight loss stages.