Maritime pine, scientifically known as Pinus pinaster, holds a vital role in Iberian Peninsula forests, primarily as a source of wood for panels, paper, and cellulose production. Recently, there has been a growing interest in utilising agroforestry by-products to yield valuable chemicals for applications in various sectors, including the food, pharmaceutical, and bioenergy industries. This study aimed to assess the value of the primary by-product of Pinus pinaster from the Minho region of northwestern Portugal, i.e., the bark. The research extensively examined the bark’s chemical and thermal characteristics, including ash content, extractives, lignin, cellulose, hemicellulose, fatty acids, and mineral composition. Additionally, various analytical techniques like FTIR, SEM, DSC, DTG, and XRD were used to observe chemical structure differences. The results reveal that the Pinus pinaster bark primarily consists of lignin (51.15%) and holocellulose (46.09%), with extractives mainly soluble in toluene–ethanol, followed by water, and a small amount of them are soluble in ethanol. The bark contained around 0.44% ash, and heavy metals such as Cd and Pb were not found. During degradation, Pinus pinaster experienced a 10% mass loss at 140 °C. In terms of crystallinity, holocellulose and cellulose showed similar percentages at approximately 25.5%, while α-cellulose displayed the highest crystallinity index at 41%.