As the most abundant municipal solid waste, corrugated cardboard (CCB) is a suitable resource for thermochemical conversion into various solid and liquid products. CCB samples were pyrolyzed at three temperatures (350, 400, and 450 °C) and their pyrolysis products (bio-oil and biochar) were characterized and analyzed. Thermogravimetric analysis (TGA) was utilized to study the thermal degradation behavior of CCB. CCB and biochar samples were subjected to proximate, ultimate, lipid and carbohydrates analyses, and Py–GCMS to characterize their chemical components. The highest biochar yield was 75% at 350 °C, and the highest bio-oil yield was 47% at 450 °C. The biochar physical and chemical properties were also assessed using calorific values, specific surface area, Fourier-transform infrared (FTIR) and Raman spectroscopies, and x-ray diffraction (XRD). Biochar was found to have low ash and nitrogen contents. The bio-oil was characterized by the combination of GCMS, high-performance liquid chromatography (HPLC), and electrospray ionization mass spectrometry (ESI–MS). The molar mass distribution and an estimate of monomer/oligomer ratio were determined from ESI-MS data. The bio-oil contained a complex mixture of pyrans, furans, phenols, and cyclopentenes. Levoglucoson was abundantly found in the bio-oil, suggesting the suitability of cardboard pyrolysis products for further processing into fuels.