Lignin modification opens the possibility of using it in polyol bio-based polymers, such as phenol-formaldehyde resins, polyurethanes, composites, and binders. Pine kraft lignin Indulin AT was partially depolymerized and the resulting products analyzed to determine their degree of valorization. Depolymerized lignin products were analyzed by GPC-SEC (molar mass), ∆ε-IDUS (phenolic hydroxyls), HACL (formaldehyde uptake), 13 C-NMR (hydroxyl and methoxyl groups), and 1 H-DOSY (molar mass distribution). The dominant parameter in lignin depolymerization by solvolysis was reaction temperature. According to the results, a higher reaction temperature decreases the average molar masses and PDI of lignin as well as the primary and secondary aliphatic hydroxyls, while simultaneously increasing the phenolic hydroxyls and formaldehyde uptake of lignin. Other variables (time, formic acid wt %, ethanol wt %, lignin load) had lesser effects. Partial depolymerization by solvolysis in mild conditions without catalyst is a viable valorization route for lignin, by which lignin properties can be significantly improved.