Residual　lignin　affects　the　physical　and　chemical　performance　of　lignin-containing　cellulose　nanofibers　(LCNFs).　In　this　work,　LCNFs　were　prepared　from　sugarcane　bagasse　powder　(SBP)　through　p-toluenesulfonic　acid　(p-TsOH)　hydrolysis　and　the　subsequent　homogenization　treatment.　By　adjusting　the　concentration　of　p-TsOH　and　hydrolysis　temperature,　LCNFs　with　lignin　content　of　4.69-17.53%　were　obtained,　and　the　effects　of　lignin　content　on　the　chemical　structure,　crystallinity,　size,　hydrophobicity　and　thermal　stability　of　LCNFs　were　systematically　studied.　With　the　increase　of　lignin　content,　the　diameters　and　average　water　contact　angles　of　LCNFs　were　increased　(from　169.65　to　781.56　nm　and　39.74-86.16　degrees,　respectively),　while　the　crystallinities　were　decreased.　The　thermal　stabilities　of　LCNFs　were　decided　both　by　lignin　content　and　the　crystallinity.　The　by-product　lignin　nanoparticles　(LNPs)　with　an　average　diameter　of　50-500　nm　were　generated　with　LCNFs,　further　improving　the　resource　utilization　value　of　SBP.　This　study　provides　theoretical　and　experimental　basis　for　the　subsequent　processing　of　films　with　different　hydrophobic　properties　and　materials　with　higher　mechanical　properties　and　thermal　stability.