This article details a correlation study on early devolatilization behaviors (drying & volatile emission at 25–240 °C) and the change in mechanical properties (expressed by viscoelasticity) of four types of waste papers. The early stage of devolatilization was investigated using the TG-FTIR and mechanical properties using the dynamic mechanical analysis (DMA) method. The results show that the elastic and viscous mechanical properties showed obvious correlations with free and bound water evaporation and volatile emission. The storage modulus (E′) and loss modulus (E″) of the papers decreased as temperature increased and at the two important temperatures, namely 100 °C, the start of bound water evaporation, and 150 °C, the start of devolatilization in TG & DTG curves, E′ showed extrema. Especially the relative storage modulus (E′r) exhibited a sudden decrease at around 150 °C, where the activation energy of thermochemical conversion jumps from low values to high values, indicating the start of devolatilization. CO2 is the major compound of the volatiles and it is well correlated with E′r in exponential function model and can be used as an index for predicting the E′r of the waste papers in their early devolatilization stage; while during the drying stage, mass loss ratio can be used to predict E′r of the waste papers.