In this study, three lignin fractions F1, F2, and F3 were obtained from eucalyptus kraft lignin (EKL) by solvent extraction with ethyl acetate, acetone, and acetone/water. The antioxidant activity of these lignin fractions were measured and evaluated by using the DPPH radical scavenging activity, ABTS radical cation scavenging activity and ferric reducing antioxidant power analysis. These lignin fractions were also characterized by applying Gel permeation chromatography, Fourier transform infrared, 31P NMR and 2D HSQC NMR techniques. The three different lignin fractions had rather different average molecular sizes, as well as different phenolic and methoxy functional contents. The ethyl acetate fraction (F1) with the lowest average molecular weight (2342 g/mol) and the highest phenolic hydroxyl content (4.2457 mmol/g) and methoxy groups (6.2714 mmol/g) showed high homogeneity and the highest antioxidant activity. Its DPPH scavenging activity, ABTS+ scavenging activity, and ferric reducing the antioxidant power were 68.67%, 75.57%, and 91.89 μmol/g, respectively. Moreover, the antioxidant activity of F1 and F2 was found to be higher than that of butylated hydroxytoluene. Therefore, solvent extraction was shown to be an effective way to separate lignin fractions with high homogeneity, high antioxidant activity, which could lead to application of lignin with higher value.