The organic solvent lignin in this paper was extracted from the scrap liquid of the reed ethanol pulping. The attained lignin was characterized by Scanning Electron Microscope（SEM）.On this basis，the lignin is blended with PVC and other auxiliaries, PVC/lignin composite material is prepared by pressure molding. The mechanical performance index of PVC/lignin composite material is detected and the impact fracture morphology of the PVC/lignin composite material is observed by SEM photograph. According to the research, it is indicted that the lignin and PVC has a certain degree of compatibility. The less dosage of lignin, the better compatibility lignin and PVC performances. With the increasing of dosage of lignin, the impact strength, tensile strength and bend strength of PVC/lignin composite material decrease. Compared with 5 phr PVC/lignin composite material, the dispersed phase diameter of the impact fracture morphology of 20 phr PVC/lignin composite material becomes bigger, and the uniformity of distribution becomes worse.