Lignin, an abundant natural polymer, has significant potential as a renewable resource for the producing of valuable chemicals and materials. This chapter comprehensively explores various strategies for functionalizing lignin through depolymerization, aiming to breakdown its complex structure into smaller, more useful compounds. The depolymerization techniques discussed include chemical methods (acids, bases, oxidative catalysis, ionic liquids, supercritical fluids, and deep eutectic solvents), thermochemical processes (pyrolysis and microwave-assisted depolymerization), and biological approaches (enzymatic and microbial degradation). Each method presents unique advantages and challenges regarding the reaction conditions, product selectivity, scalability, and environmental impact. Chemical methods are often effective in breakdown lignin, but typically require harsh conditions, and may generate hazardous waste. Physical techniques, like pyrolysis microwave-assisted processes, offer improved selectivity and milder conditions but may encounter cost and scalability issues. Biological depolymerization represents an eco-friendly alternative; however further research is required to enhance its efficiency and product yields. This chapter also highlights the key challenges in efficient lignin depolymerization, including severe reaction conditions, repolymerization, char formation, and difficulties in product separation. Developing sustainable, environmentally friendly, and cost-effective techniques for lignin valorization is crucial for the transition to a circular bioeconomy and for reducing dependence on fossil resources. Combining the different depolymerization methods or the integrating catalysts and solvents may produce synergistic effects and improved selectivity. Addressing these challenges, while optimizing process economics, scalability, and industrial infrastructure is essential for the successful valorization of lignin and the advancement of a sustainable biobased future.