Lignosulfonate features sulfonate groups, which makes it soluble in water and hence, suitable for a wide range of applications. However, its characterization is challenging because of its limited solubility in organic solvents. Thus, this study investigated the chemical and thermal characteristics of ion-exchanged sodium lignosulfonate (Na-LS) and compared it with those of industrial kraft lignin derived from softwood and hardwood. The results demonstrated that the ion exchange successfully converted Na-LS to lignosulfonic acid (H-LS), as proven by the Fourier-transform infrared spectroscopy (FTIR), X-ray photoelectron spectroscopy (XPS), and elemental analysis. H-LS has a greater apparent molecular weight than those of Na-LS and softwood and hardwood kraft lignin (SKL and HKL). According to 31P nuclear magnetic resonance (NMR) analysis, H-LS has less phenolic OH than SKL and HKL, indicating that it has more polymeric chains. Furthermore, H-LS has substantially more native side chains, such as β-O-4 units, than SKL and HKL. Thermal analysis revealed that H-LS has a greater glass temperature (Tg) than SKL and HKL, although Na-LS has a lower Tg than SKL and HKL. In addition, H-LS degraded faster than Na-LS did because the acid condition accelerated degradation reaction.