Lignocellulosic biomass is considered as the largest potential candidate to develop alternative energy, such as biofuel, biomaterial. However, the efficient conversion of cellulose and practical utilization of lignin are great challenges for sustainable biorefinery. In this study, high reducing sugar yield and different size of lignin colloid particles (LCPs) were obtained via tetrahydrofuran–water (THF–H2O) pretreatment of corn stover (CS). THF–H2O as a co-solvent, could efficiently dissolve lignin and retain cellulose. After the pretreatment, 640.87 mg/g of reducing sugar was produced, that was 6.66-fold higher than that of the untreated CS. Meanwhile, the pretreatment liquor could form spherical LCPs with different sizes ranged from 202 to 732 nm through self-assembly. We studied the optimal pretreatment condition to simultaneously realize the high reducing sugar yield (588.4 mg/g) and excellent LCPs preparation with average size of 243 nm was under TH22 (THF–H2O pretreatment at 120 °C for 2 h). To further explore the formation of LCPs with different sizes. We studied the lignin structure changes of various conditions, concluded the size of LCPs was related to the lignin concentration and syringyl/guaiacyl (S/G) ratio. As the increase of the lignin concentration and S/G, the sizes of LCPs were increased. G-type lignin was easier to dissolve in the mild pretreatment supernatant, contributing to form smaller LCPs with a good dispersibility. In the severe condition, both of S and G-type lignin were dissolved due to the lignin depolymerization, formed the larger sphere particles. This work provides a novel perspective for the technical design of lignocellulosic biomass conversion.