Pre-extraction of hemicelluloses prior to pulping and conversion of the extracted hemicelluloses to other byproducts will provide additional revenue to the traditional pulp and paper industry. The effect of hemicelluloses pre-extraction with dilute sulfuric acid on the properties and bleachability of aspen (Populus tremuloides) chemithermomechanical pulp (CTMP) was investigated. The acid pre-extraction significantly reduced refining energy consumption to a given freeness. However, at the same freeness, the acid pre-extraction resulted in the reduction of bulk, tensile index, and zero-span breaking length, fewer long fibers and more fines, but an increase of the Scott bond strength. Alkaline peroxide bleaching can compensate the strength loss, but the bleachability of pulps with acid pre-extraction was lower than that of the control.