In the conventional pulp and papermaking process, lignin in black liquor is mostly burned for energy. It has not been widely used as a functional polymer. To use both cellulose and lignin component, unique kraft cooking conditions were used in bamboo cooking in this study, and acid precipitation was used to extract lignin from the black liquor. Under different pH values, the precipitated lignins were characterized and compared by gel permeation chromatography (GPC), dynamic light scattering (DLS), and Fourier transform infrared spectroscopy (FTIR). Lignin dissolution in acidic conditions was studied. Pulps with high lignin content were used to synthesize oil absorption materials, which were prepared by grafting butyl methacrylate (BMA) onto the cellulose chain. Sodium silicate was used as an initiator, and 1,4-butane dioldimethacrylate (BDDMA) was used as a crosslinker. The structures of grafted copolymers were characterized by FTIR, scanning electron microscopy (SEM), and thermogravimetry (TG). The acid precipitation process was found to be effective and has important implications for the further lignin applications. The grafting reaction between pulps and BMA was successful. The silicone oil absorption capacity of the obtained materials was 15.3 g/g.