Bio-based phenolic compounds available from lignin are promising candidates for industrial application, e.g., within polymer resins or as biogenic fuel substitutes. Among numerous conversion methods for the valorization of lignin, the base-catalyzed depolymerization (BCD) has considerable advantages with respect to other processes. By this method, lignin and lignin-containing biorefinery streams can be catalytically transferred to valuable, defined products with tailored specifications. Continuous process operation allows conversions at short residence times and, thus, enables its industrial implementation more easily due to economic reasons. This review reflects the development in the field of BCD on various types of lignin. A historical overview will be given and the principal application of the method is shown. Challenges for operations are addressed, mainly to the development of efficient and selective methods for product separation and purification of the alkylphenolic moieties and the reduction of char formation during the process. An outlook will be given by showing trends and perspectives, especially in the field of industrial applications. Here, hydrotreatment methods for refining BCD intermediates for fuel and platform chemical production are shown. Furthermore, the application of BCD for the conversion of woody biomass and black liquor is discussed.