Kraft lignin is a by-product of the pulp and paper industry, obtained as a black liquor after the extraction of cellulose from wood through the Kraft pulping process. Right now, kraft lignin is utilized as a low-grade boiler fuel to provide heat and power but can be converted into high-calorific biofuels or high-value chemicals once the efficient catalytic depolymerization process is developed. In this work, the multi-functional catalyst of Ru-Mg-Al-oxide, which contains hydrogenation metals, acid, and base sites for the effective depolymerization of kraft lignin are prepared, and its lignin depolymerization efficiency is evaluated. In order to understand the role of different active sites in the lignin depolymerization, the three different catalysts of MgO, Mg-Al-oxide, and Ru-Mg-Al-oxide were synthesized, and their lignin depolymerization activity was compared in terms of the yield and the average molecular weight of bio-oil, as well as the yield of phenolic monomers contained in the bio-oil. Among the catalysts tested, the Ru-Mg-Al-oxide catalyst exhibited the highest yield of bio-oil and phenolic monomers due to the synergy between active sites. Furthermore, in order to maximize the extent of lignin depolymerization over the Ru-Mg-Al-oxide, the effects of reaction conditions (i.e., temperature, time, and catalyst loading amount) on the lignin depolymerization were investigated. Overall, the highest bio-oil yield of 72% and the 3.5 times higher yield of phenolic monomers than that without a catalyst were successfully achieved at 350 ℃ and 10% catalyst loading after 4 h reaction time.