Bamboo has become an important kind of fibrous raw material in the world due to its fast-growing property and abundance of natural fiber. During the purification and utilization of bamboo fiber, the removal of lignin is vital and it is affected by the chemical treatment system and drying method. In this paper, the effects of three different delignification chemical systems and three drying methods (air drying, drying and freeze drying) on the physical and chemical properties of bamboo fiber were comparatively studied. The results prove that all three delignification techniques can effectively remove lignin from wood, and by utilizing peroxyformic acid and alkaline sodium sulfite, hemicellulose can be removed to a certain extent. With the selective removal of amorphous hemicellulose and lignin and the hydrolysis of cellulose molecular chains in amorphous regions, all three treatments contributed to an increase in the relative crystallinity of cellulose (ranging from 55% to 60%). Moreover, it was found that the drying methods exerted a certain influence on the mechanical properties of fiber. For instance, drying or air drying would improve the tensile strength of fiber significantly, approximately 2–3.5 times that of original bamboo fiber, and the tensile strength of the drying group reached 850–890 MPa. In addition, the alkaline sodium sulfite treatment had little effect on the thermal stability of bamboo fiber, resulting in high thermal stability of the prepared samples, and the residual mass reached 25–37%. On the contrary, the acetic acid/hydrogen peroxide method exerted great influence on the thermal stability of bamboo fiber, giving rise to a relatively poor thermal stability of prepared fibers, and the residual mass was only about 15%. Among the three drying methods, samples under air drying treatment had the highest residual mass, while those under freeze drying had the lowest. To summarize, the alkaline sodium sulfite method is more suitable for preparing bamboo fiber with higher tensile strength and thermal stability.