A two-step process consisting of depolymerization and catalytic cracking without hydrogen addition was carried out to produce phenols from lignin. In the first step, lignin was depolymerized using a silica-alumina catalyst in a water/1-butanol solution at 623K for 5 2 h. After the reaction, lignin-derived slurry liquid was obtained in 67 C-mol% yield. From the model studies, it was considered that lignin was mainly depolymerized via hydrolysis of aryl ether bonds between lignin units. For the second step, the catalytic reaction of the 1-butanol phase of the slurry liquid was carried out over an iron oxide catalyst using a high ・The recovery fraction of phenols increased as the F H2O /F value increased.