Unraveling the role of volatile evolving and char structural evolution, as well as the pyrolysis reaction pathway, is crucial for lignin effective valorization by a pyrolysis-based biorefinery approach. The fast pyrolysis of lignin at 200–800 °C was conducted to explore volatile release characteristics and their link with char structure evolution. The release of simple substituted aryl compounds below 350 °C was aided by the cleavage of β-O-4 and α-O-4. The C-O, C–C, and carboxyl groups of the depolymerized free radical fragments were cleaved further, providing stable mono-phenol (350 °C → 500 °C). Secondary reactions and pyrolytic macromolecular compounds resulted in the synthesis of polycyclic aromatic hydrocarbons (>700 °C). A cubic polynomial was developed to correlate the aromaticity with the atom ratio of H/C. The ring condensation degree and H/C demonstrated an excellent positive linear correlation. Additionally, the aromatization started at 350 °C, and small aromatic rings were changed into more ordered rings (≥6 rings). The fused-ring structures of char had progressed in the following order: 1 × 2, 2 × 3, 4 × 4, and 4 × 5, corresponding to 350 °C, 500 °C, 600 °C, and 800 °C, respectively. High temperatures contributed to the formation of aromatic monomers. Lignin pyrolysis pathway was established based on the correlation between volatile release characteristics and char structural evolution.