In order to improve the thermal property of epoxy resin (EP), a lignin-based flame retardant was prepared. Focusing on the lignin-based flame retardant, this paper investigates its pyrolysis behavior and kinetics via a thermogravimetric analyzer coupled with Fourier transform infrared spectrometry (TG–FTIR). Based on the FTIR result, which showed a peak at 1222 cm−1, it was assigned a syringyl structure. Its absorption peak intensity was enhanced and this meant that the phenolization of the lignin was successful. Thermogravimetry/derivative thermogravimetry (TG/DTG) results showed that the carbon residues of F-lignin and F-lignin@APP were reduced to 33.5% and 37.5%, respectively. In addition, the maximum decomposition rate of F-lignin@APP20/EP is 11.8%/min, which is 8%/min and 4.7%/min lower than for EP and Al-lignin, respectively. The char residue of F-lignin@APP20/EP is 32.5%, which is much higher than for EP. Lower decomposition rate and higher char residue indicate the improvement of thermal stability of EP by F-lignin@APP. Moreover, the kinetics of Al-lignin20/EP and F-lignin@APP20/EP were conducted by two kinetic methods: Flynn-Wall-Ozawa (FWO) and Kissinger-Akahira-Sunose (KAS). It was concluded that the pyrolysis process of Al-lignin 20/EP and F-lignin@APP 20/EP could be divided into three stages, while the value and growth rate of the activation energy of F-lignin@APP 20/EP were much higher than that of Al-lignin 20/EP in stage III.