Fractionation of lignocellulose is a fundamental step in the valorization of cellulose, hemicelluloses, and lignin to produce various sustainable fuels, materials and chemicals. Strong alkaline fractionation is one of the most applied processes since the paper industry has been using it for more than a century, and the mineral acid fractionation process is currently the most applied for the production of cellulosic ethanol. However, in the last decade, mild alkaline fractionation has been becoming increasingly widespread in the frame of cellulosic ethanol biorefineries. It leads to the solubilization of hemicelluloses and lignin at various extent depending on the conditions of the extraction, whereas the cellulose remains insoluble. Some studies showed that the cellulose saccharification and fermentation into ethanol gave higher yields than the mineral acid fractionation process. Besides, contrary to the acid fractionation process, the mild alkaline fractionation process does not hydrolyze the sugar polymers, which can be of interest for different applications. Lignocellulosic mild alkaline extracts contain hemicelluloses, lignin oligomers, phenolic monomers, acetic acid, and inorganic salts. In order to optimize the economic efficiency of the biorefineries using a mild alkaline fractionation process, the purification of the alkaline extract to valorize its different components is of major importance. This review details the conditions used for the mild alkaline fractionation process and the purification techniques that have been carried out on the obtained hydrolysates, with a focus on the yields and purities of the different compounds.