This chapter delves into the potential of alkaline lignin extraction, a process with a rich history, as a sustainable approach to utilizing a readily available resource. The review begins with an introduction to lignin and the importance of its extraction. Then, a comprehensive overview of conventional alkaline lignin extraction methods is provided, encompassing general methodology, purification techniques, and factors influencing yield. Different extraction media employing NaOH, KOH, Ca(OH)2, and NH4OH are explored, highlighting their advantages and limitations. Characterization techniques play a crucial role in understanding the properties of extracted lignin. The chapter discusses commonly employed methods such as Fourier transform infrared spectroscopy, UV-visible spectroscopy, nuclear magnetic resonance, and thermal analysis, enabling a detailed analysis of the extracted lignin’s structure and composition. Finally, the chapter explores the exciting field of alkali lignin-based product development. It highlights the potential of alkali lignin in creating functional membranes and hydrogels for diverse applications. These applications encompass water treatment, agriculture, drug delivery systems, and biosensors.