In this study, humic acids (HAs) were extracted from Chinese lignite by adding KOH to a NaOH solution. The extraction yield of HAs was found to improve because of the synergistic effect imparted by the alkali mixture of sodium hydroxide (NaOH) and potassium hydroxide (KOH). The maximum yield was obtained at 150 min by adding the mixture of 0.750 M NaOH + 0.710 M KOH to Xianfeng lignite at 80 °C. The potassium (K), sodium (Na), nitrogen (N), oxygen (O), and iron (Fe) contents were determined by X-ray diffraction, scanning electron microscopy, and proximate and ultimate analysis. The oxygen-containing functional groups in HAs were identified by Fourier transform infrared spectroscopy. The addition of KOH resulted in higher oxygen/carbon and nitrogen/carbon ratios and oxygen-containing functional groups, as compared with that in NaOH alone. The extractants containing KOH could release HAs with a higher proportion of K, Fe, N contents, which is beneficial for HAs fertilizers prepared from the lignite. The release of the nutrients (K, Fe, N) which are essential for the crops is determined by the KOH dosages.