Lignin as the most abundant source of aromatic chemicals in nature has attracted a great deal of attention in both academia and industry. Solvolysis is one of the promising methods to convert lignin to a number of petroleum-based aromatic chemicals. The process involving the depolymerization of the lignin macromolecule and repolymerization of fragments is complicated influenced by heating methods, reaction conditions, presence of a catalyst and solvent systems. Recently, numerous investigations attempted unveiling the inherent mechanism of this process in order to promote the production of valuable aromatics. Oxidative solvolysis of lignin can produce a number of the functionalized monomeric or oligomeric chemicals. A number of research groups should be greatly appreciated with regard to their contributions on the following two concerns: (1) the cracking mechanism of inter-unit linkages during the oxidative solvolysis of lignin; and (2) the development of novel catalysts for oxidative solvolysis of lignin and their performance. Investigations on lignin oxidative solvolysis are extensively overviewed in this work, concerning the above issues and the way-forward for lignin refinery.