Despite the vast potential for the depolymerization of kraft lignin in supercritical systems, selective access to desired renewable products remains a very challenging target. Catalytic depolymerization of kraft lignin was carried out in an isopropanol‐water mixture system over a Rh/La2O3/CeO2‐ZrO2 catalyst. The H2 selectivity was adjusted by changing the proportions of isopropanol and water. The introduction of formic acid was more helpful to extend the selectivity range. A correlation was established between liquid product distribution and H2 selectivity. It was used for predicting the composition of the liquid oil by H2 selectivity or, optionally, for converting kraft lignin to the desired liquid products. This correlation was applicable to different solvents, temperatures, and catalysts.