Lignin, as an important part of lignocellulosic biomass, should give more attention to promote the utilization of biomass. Being a polymer composed of phenylpropane units, lignin is regarded as a promising candidate for obtaining olefins and aromatic compounds. Herein, thermo-catalytic hydrogenation was used as a pretreatment process of lignin, after that more olefins and aromatics were obtained from the solid hydrogenated lignin via fast pyrolysis. This two-stage valorization process was techno-economically evaluated by Aspen plus and compared with the conventional fast pyrolysis process of lignin. Process simulation based on the experiment data suggested the significant economic benefit of this strategy to convert lignin into valuable chemicals, like olefins, aromatics, and phenolics.