Sugarcane bagasse (SB) is a by-product of ethanol production obtained in large quantities worldwide, including Brazil. Lignin is one of SB components, and its extraction is of great interest due to its vast potential for use. In this study, sugarcane bagasse was subjected to two methods of lignin extraction to obtain: Klason lignin (LKL) and milled wood lignin (MWL). The syringil/guaiacyl ratio of the lignin obtained from sugarcane bagasse was 1.67. Thermogravimetric analysis showed that LKL is more resistant to thermal degradation than MWL. According to the FTIR spectra, LKL yields a more oxidized lignin, presenting greater changes in its structure than MWL. Thus, this study provides information on the changes caused by different extractions and strengthens future studies on the transformation of lignin into products of high added value.