SO2–ethanol–water (SEW) fractionation process is a highly attractive platform for future lignocellulosic Biorefineries. Its governing advantages include high flexibility in the selection of the raw material, simple and efficient recovery of fractionation chemicals, absence of carbohydrate degradation (both cellulose and hemicelluloses), and high reaction rates. The process is suitable for production of various carbohydrate- and lignin-based products including papermaking pulp, glucose, bioalcohols and lignosulfonates. The present paper addresses the possibility of producing dissolving pulp from spruce using SEW fractionation followed by ECF bleaching with and without hot caustic extraction. Comprehensive characterisation of chemical and macromolecular properties of the SEW dissolving pulps was complemented by determining the quality of viscose. The comparison with conventional viscose-grade acid sulfite pulps revealed close proximity in all properties. Therefore, considering the advantages of SEW process, it is suggested as a possible replacement for acid sulfite process in dissolving pulp manufacturing.