TGA results for cured lignin–phenol–formaldehyde resins (in N 2 at 30 mL/min and 10 °C/min). Lignin was extracted from white pine sawdust by organosolv-extraction using hot-compressed ethanol–water co-solvent. The optimum conditions for extracting lignin from the pine sawdust were found to be at 180 °C with ethanol–water solvent (1:1 wt/wt), where the lignin yield attained ca. 26% with a purity of ca. 83%. The lignin under such conditions was oligomers with a broad molecular weights distribution: M n of 537, M w of 1150 and polydispersity of 2.14. Bio-based phenol–formaldehyde resol resins were synthesized using the resultant lignin as the replacement of petroleum-based phenol at varying ratios from 25 to 75 wt.% by condensation polymerization catalyzed by sodium hydroxide. Upon heating the lignin–phenol–formaldehyde resols could solidify with a main exothermic peak at around 150–175 °C, typical of the conventional phenolic resol resins, and a secondary peak at 135–145 °C, likely due to the exothermic reactions between the free formaldehyde with phenol or lignin to form methylophenols. The replacement of phenol with lignin at a large ratio deferred the curing process, and the introduction of lignin in the resin formula decreased the thermal stability of the resin, leading to a lowered decomposition temperature and a reduced amount of carbon residue at elevated temperatures. For practical applications, it is suggested that the replacement ratio of phenol with lignin be less than 50 wt.%. The thermal stability can however be improved by purifying the lignin feedstock before the resin synthesis.