In this work, the catalytic liquefaction of eucalyptus organosolv lignin (EOL) over hydrogen type-zeolite socony mobile-five (HZSM-5) zeolite supported transition metals in an ethanol system was studied, and a cheap transition metal NiCr/HZSM-5 catalyst was prepared. Among them, nickel and chromium proved to have a good synergistic effect, which could remarkably enhance the acidity of the catalyst surface, and the catalytic effect was better than Ru-based precious metal catalysts and commercial Raney Ni catalysts. Meanwhile, the optimal reaction process of NiCr/HZSM-5 and Raney Ni catalyst for synergistic catalysis of EOL was explored. Under the optimal process conditions, the lignin liquefaction rate reached 95.9%, the monophenol yield was 8.64%, and the char content was only 2.08%. Furthermore, 1H-13C heteronuclear single quantum correlation nuclear magnetic resonance (1H-13C HSQC NMR) showed that the β-O-4, β-β, and β-5 linkages of lignin were effectively broken. Thus, a higher liquefaction rate of lignin was realized, which provided the possibility for further comprehensive utilization of lignin.