In this study, two purified mild acidolysis lignins (MAL) extracted from triploid poplar, i.e., Alcell MAL and Alkali MAL, were compared. Some properties, including elemental contents, higher heating value (HHV), functional hydroxyl group compositions, and molecular weights, were tested to characterize the structure of these two MALs. The releasing laws of gases and the distribution of products were also investigated through the use of thermogravimetric Fourier transform infrared (TG-FTIR) and pyrolysis-gas chromatography combined with mass spectrometry (Py-GC/MS). The results showed that both MALs had pyrolytic advantages, largely because of their unique chemical structures. However, although the species of volatiles from Alkali MAL were similar to those from Alcell MAL, the releasing temperature range for Alcell MAL was relatively narrow and the volatiles from it were concentrated. Among the fast pyrolytic products, phenols were the most abundant. The yield of 2,6-dimethoxy-4-(2-propenyl)phenol, which was the dominant product, was 25.66% for Alcell MAL and 20.77% for Alkali MAL, respectively. Overall, pyrolytic products from Alcell MAL were more enriched.