In this study, effects of catalyst types, reaction temperatures, reaction times, reaction solvents and ultrasound frequencies were carefully investigated to improve the yields and characteristics of various depolymerization products of organosolv lignin. Generally, both catalyst types and ultrasound frequencies played important roles in promoting lignin depolymerization and reducing char yield. In particular, the yield and distribution of phenolic monomer (PM) products were greatly influenced by pore structure and acidity of the catalyst. The optimal reaction condition was got in isopropanol at 310 °C for 6 h with 30% ultrasound frequency and 50% phosphotungstic acid (PTA)/MCM-41 catalyst. The highest yields of PM, bio-oil, liquid fuels and lignin conversion were reached as 8.63 wt%, 86.89 wt%, 95.52 wt% and 98.54 wt%, respectively. The results showed that ultrasound acoustic cavitation could enhance the depolymerization of lignin, thus greatly enhancing production of liquid fuels. Simultaneously, the hydrogen composition and high heating value of various lignin depolymerization products improved, and the oxygen content decreased, indicating that hydrogenation and/or hydrodeoxygenation happened during the depolymerization process. Finally, we also found that the 50% PTA/MCM-41 catalyst had high stability; it could be reused for up to five cycles without loss of catalytic activity.