Catalytic lignin depolymerization (CCLD) for liquid fuels and phenolic monomers was investigated over various supports including clays (e.g., sepiolite (SEP), attapulgite (ATP), and montmorillonite (MTM)), and oxides (e.g., Al2O3 and SiO2) as well as their supported Mo-based catalysts under supercritical ethanol. The characterization results demonstrated that different supports with diverse structural properties could affect the textural structures, surface Mo5+ content, and acid sites distribution. Clay-based supports had more strong acid sites as compared with Al2O3 and SiO2, which went against the production of lignin oil (LO) and led to form more solid products during CLD experiments. Meanwhile, the obtained petroleum ether-soluble product (PEsp) in LO catalyzed by sole supports was mainly alkyl/alkoxy substituted phenols. Additionally, Mo species (especially Mo5+) significantly increased the yields of LO and PEsp. Mo/SiO2 had the highest surface Mo5+ species, showing the highest LO yield of 85.2%, in which the produced alkyl/alkoxy substituted phenols reached 450.3 mg/glignin. Among the clay-supported Mo catalysts, Mo/SEP presented superior LO (82.3%) and PEsp (70.8%) yields and the generated substituted phenols reached 398.8 mg/glignin. This paper systematically reported the application of green and environmentally friendly clay-based materials in lignin conversion, which provides some key information for the development of clay catalysts for biomass conversion.