The 34-day anoxic storage of Pinus massoniana sawdust (PS) in a sealed constant temperature and humidity chambers was carried out to simulate the limited-oxygen storage process inside piles at industrial scale. The effects of anoxic storage on feedstock’s properties and pelletization process were investigated with respect to elemental composition, dry matter loss, thermogravimetric characteristics, energy consumption, pellets’ density, and microbial communities, etc. After anoxic storage, the microbial community of PS samples was altered, such as the fungi content (Clonostachys, Strelitziana, and Orbilia, etc.), resulting the elemental composition of PS was altered. Thus, the cellulose and ash content of the stored PS were increased, while the hemicellulose, volatile, and fixed carbon were decreased. The energy consumption was increased 7.85–21.98% with the increase in anoxic storage temperature and with the additive of fresh soil collected from PS field in storage process. The single pellet density was altered slightly. Meanwhile, the moisture uptake of PS pellets was decreased. After anoxic storage, the combustion behavior of the stored PS became more stable. The results can be applied directly to guide the development of commercial PS storage and pelletization process currently under development in Asia, Europe and North America.