This study demonstrated de-polymerized lignins to be cost-effective bio-substitutes for commercial antioxidant in plastics. In this work, effects of addition amounts of de-polymerized kraft lignin (DKL) and de-polymerized hydrolysis lignin (DHL) in polyethylene (PE) on its thermo-oxidative and thermal stability were investigated in air and N2 atmosphere, respectively. Due to the difference in the solubility characteristics of DKL and DHL in PE, the oxidation induction time and activation energy for thermo-oxidative degradation of the PE blend leveled off after 2.5 wt% addition of DKL content but increased in an almost linear manner with increase of DHL content. The results also revealed that the addition of 2.5 wt% of DKL or 5 wt% of DHL attained the same level of antioxidant activity as the addition of 0.5 wt% of Irganox 1010. In addition, PE without and with addition of 2.5 wt% of DKL were comparatively investigated by thermogravimetry analysis (TGA) analysis in air and N2 atmosphere (pyrolysis) and by Fourier Transform Infrared Spectroscopy (FT-IR), and the results showed that the addition of 2.5 wt% of DKL enhanced the thermo-oxidative and thermal stability of PE in both thermo-oxidative degradation and pyrolysis processes at above 400 °C.