Using apricot shell lignin as a raw material, the effects of torrefaction temperatures (160, 200, 240, and 280 °C) on the properties of torrefied products were studied, and the catalytic pyrolysis experiments of the torrefied lignin under the HZSM-5 catalyst were carried out. The results showed that the oxygen content in lignin was greatly reduced and the higher heating values (HHV) gradually increased, the absorption peak of oxygen-containing functional groups gradually became weaker, and the content of the β-O-4 bond gradually decreased. At 280 °C, the C/O ratio reaches the maximum value of 2.17, and the calorific value increases to 24.22 MJ/kg. The removed oxygen element is converted into oxygen-containing components in the gas (mainly CO2 and H2O) and liquid products (mainly guaiacol phenol). After catalytic pyrolysis of torrefied lignin, it was found that with the increase of torrefaction temperature, the relative content of aromatics increased first and then decreased slightly; the aromatics reached the maximum value of 60.63% at 240 °C; acids decreased significantly; ketones, aldehydes, and furans changed little; and torrefaction played a positive role in the conversion of lignin to aromatics.