Lignin, a renewable resource rich in aromatic ring structures in nature, is an ideal natural source to produce aromatic compounds and cycloparaffin. Herein, we prepare MOF-derived Ni−Mo x C/C and Co−Mo x C/C as catalysts for the depolymerization of lignin and dimeric model compounds. Diphenyl ether (DPE) with 4-O-5 bond, benzyl phenyl ether (BPE) with α-O-4, and phenethyl phenyl ether (PPE) with β-O-4 are chosen as dimeric model compounds. Overall, Ni−Mo x C/C and Co−Mo x C/ C show distinguished different activity toward product distribution. Ni−Mo x C/C facilitates both C−O bond cleavage and hydrogenation of the benzene ring, and the main products are ethyl cyclohexane and cyclohexanol for all three model compounds. In contrast, Co−Mo x C/C only facilitates C−O bond cleavage and obtains phenol and ethylbenzene as products. Similarly, for the depolymerization of lignin, cycloparaffins are obtained on Ni− Mo x C/C, while phenol, guaiacol, 2,6-dimethoxyphenol, and their respective derivatives are obtained on Co−Mo x C/C.