A one-pot process for the depolymerization of lignin-rich corncob residue (LRCR) is investigated in supercritical ethanol over an alumina-supported NiMo (NiMo/Al) alloy catalyst. The LRCR, as a major byproduct in the corncob enzymatic hydrolysis process, was completely liquefied and effectively transformed into aromatic compounds without the formation of tar or char under optimal reaction conditions. The reaction temperature, time, solvent, and initial hydrogen pressure have significant effects on the depolymerization of LRCR. The highest overall aromatic yield of 255.4 mg/g of LRCR with 57.9 wt % alkylphenols (e.g., 4-ethylphenol, 2,5-diethylphenol, and 2,6-diisopropylphenol) was achieved with an initial 27.6 bar (gauge) of hydrogen in supercritical ethanol at 320 °C for 7.5 h. The depolymerization of LRCR is also examined over Ni/γ-Al2O3, Mo/γ-Al2O3, and the physical mixture of these two catalysts. The NiMo/Al alloy catalyst exhibits much higher activity than that of other catalysts, and a synergistic effect between Ni and Mo active species is proposed. Furthermore, X-ray powder diffraction results show that the Mo1.24Ni0.76 alloy is expected to be an important active species for the depolymerization reaction.