Two medium-low temperature coal tars (MLCTs) derived from the pyrolysis of low-grade bituminous coal were separated into 11 narrow fractions by true boiling distillation. The primary property and chemical composition analysis of MLCTs and their distillate narrow fractions were investigated at the macroscopic and molecular level by gas chromatography-mass spectrometer (GC-MS) and proton nuclear magnetic resonance (1H NMR). The two MLCTs show obvious characteristics of medium-low temperature coal tar, including a high H/C, high-oxygen and nitrogen, low-sulfur, low-density, and low viscosity. As the boiling point increases, the molecular weight of each distillate fraction increases continuously. Meanwhile, the yield of each distillate fraction increases gradually, except for the 270–300 °C distillate fractions. The oxygen content in the 170–230 °C distillate fractions is much higher than that of the other distillate fractions. The dominant groups of compounds in the MLCTs were saturates, aromatics, and resins, and the resin content was above 24.5 wt%. The molecular composition of the below 170 °C fractions mainly consists of benzene, toluene, and xylene, and the main phenolic compounds in the 170–230 °C distillate fraction are low-rank phenols, such as phenol, cresol, and xylenol. Although the macroscopic properties of the MLCT-Z and MLCT-S were quite similar, the molecular composition, the group composition and hydrogen distribution in each MLCT and its narrow distillate fractions are still different. The present work has contributed to our present understanding of the composition of MLCTs and to the guiding of the efficient processing of MLCTs.