The physicochemical properties of dissolved and colloidal substances (DCS) in the old corrugated containers’ (OCC) whitewater were studied. Then, the colloidal substances (CS) were separated from dissolved substances (DS) and the effect of inorganic salts on the stability of CS (not DCS) was studied for the first time. The results showed that many DCS aggregated and attached to the fiber surface when pulping. The primary sources were resin, lignin, adhesives, coating fixatives, and fillers. The colloidal stability of DCS and solids of whitewater differed because the DCS contained less filler. Both Ca2+ and Na+ can affect the stability of CS, but Ca2+ led to more CS instability and aggregated into larger flocculent precipitates. The surprising discovery in the experiment was that when Ca2+ and Na+ were added together, the instability degree of the system was between the addition of Ca2+ and Na+ alone. Ca2+ played a dominant role in affecting the stability of CS, and Na+ competed for adsorption sites.