The pine bark from mechanical pulp industry was cooked with bisulfite liquor, and the chemical and physical properties of the spent liquor after cooking for 90 minutes, which allowed partial defibration were determined. Lignosulfonate or lignin-related materials in the spent liquor have a molecular weight of approximately 3,000, which is lower than that of commercial lignosulfonate (C-LS) prepared from wood. The sulfonic equivalent weight calculated by colloid titration was 307 for C-LS, 238~239 for spent liquor. The contents of lignosulfonic acid and phenolic hydroxyl groups on $C_9$ unit of lignin in the spent liquor were 0.98~0.99, and 1.51~1.66, respectively. These values were remarkably higher than those of C-LS. Especially the content of phenolic hydroxyl group was almost twice that of C-LS. The viscosity of spent liquor after freeze drying was very low compared to C-LS. The dispersing ability of spent liquor was almost equivalent to or more than that of C-LS.