This study proposed a new continuous lumped reaction kinetics model to accurately reveal the control mechanism of cyanobacteria at each stage of degradative solvent extraction and discussed the potential evolution mechanism of organic matter. Results showed that degradation solvent extraction successfully separated nitrogen and phosphorus from cyanobacteria. The solute has high carbon and volatile contents, is almost ash-free, and forms a phosphorus-rich residue. The lowest fitting degree of the continuous lumped reaction model kinetics was 94.5%, suggesting that this model worked well. The depolymerization of the residue dominated between 200 and 350 °C, whereas solute decomposition dominated at 400 °C. Nitrogen-containing compounds, which originate from protein decarboxylation or deamination to generate amides, are the main components of the solute, and amino acids react with reducing sugars to generate nitrogen heterocyclic compounds, which are useful for preparing nitrogen-containing chemicals.