Effective fractionation of lignocelluosic biomass and subsequent valorization of all three major components under mild conditions were achieved. Pretreatment with acidified monophasic phenoxyethanol (EPH) efficiently removed 92.6% lignin and 80% xylan from poplar at 110 ℃ in 60 min, yielding high‐value EPH‐xyloside, EPH‐modified lignin (EPHL), and a solid residue nearly purely composed of carbohydrates. After removing the grafted acetyl groups using 1% NaOH at 50 ℃, the highest enzymatic digestibility reached 92.3%. EPHL could be recovered in high yield and purity with an uncondensed structure, while xylose was converted to EPH‐xyloside, a potential precursor in biomedical industries. Additionally, the acidified monophasic EPH solvent could effectively fractionate biomass from species other than hardwood, achieving over 70% delignification from recalcitrant pinewood under the same mild conditions, demonstrating the high potential of monophasic EPH pretreatment.