Reductive catalytic fractionation (RCF) has emerged as an effective lignin-first biorefinery strategy to depolymerize lignin into tractable fragments in high yields. Herein, we propose the RCF of spruce wood over a Ru/C bifunctional catalyst in the medium of ethanol and molecular hydrogen to produce monomeric phenolic compounds from lignin, polyols from hemicelluloses, and microcrystalline cellulose. This contribution attempts to elucidate the role of the Ru/C bifunctional catalysts characteristics. The results clarify the particular effect of the carbon support acidity, catalyst grain size, content and dispersion of Ru on the effectiveness of lignin and hemicelluloses extraction and the yields of liquid and gaseous products. The most efficient catalysts for RCF of spruce wood, providing high yields of the monomeric phenols, glycols, and solid product with content of cellulose up to 90 wt%, bear 3 wt% of Ru with a dispersion of 0.94 based on an acidic oxidized graphite-like carbon support Sibunit®, and having a grain size of 56–94 μm. The Ru/C catalysts intensify the reactions of hydrodeoxygenation of liquid products from lignin. The main phenolic monomers are 4-propyl guaiacol, 4-propenyl guaiacol, and 4-propanol guaiacol. We explored the effect of the process temperature and time on the yield and composition of the liquid, solid, and gaseous products of spruce wood RCF. The optimal trade-off between the yields of phenolic monomers (30.0 wt%). polyols (18.6 wt%) and the solid product containing 84.4 wt% of cellulose is reached at 225 °C and 3 h over the most acidic Ru/C catalyst.