This paper reports the polymerization of tall oil lignin (TOL), starch, and 2-methyl-2-propene-1-sulfonic acid sodium salt (MPSA), a sulfonate-containing monomer, in a three-component system to generate flocculants for colloidal systems. By utilizing the advanced 1 H, COSY, HSQC, HSQC-TOCSY, and HMBC NMR techniques, it was confirmed that the phenolic substructures of TOL and the anhydroglucose unit of starch were covalently polymerized by the monomer to generate the three-block copolymer. The molecular weight, radius of gyration, and shape factor of the copolymers were fundamentally correlated to the structure of lignin and starch, as well as the polymerization outcomes. The deposition behavior of the copolymer, studied by a quartz crystal microbalance with dissipation (QCM-D) analysis, revealed that the copolymer with a larger molecular weight (ALS-5) deposited more and generated more compact adlayer than the copolymer with a smaller molecular weight on a solid surface. Owing to its higher charge density, molecular weight, and extended coil-like structure, ALS-5 produced larger flocs with faster sedimentation in the colloidal systems, regardless of the extent of agitation and gravitational force. The results of this work provide a new approach to preparing a lignin-starch polymer, i.e., a sustainable biomacromolecule with excellent flocculation performance in colloidal systems.