Using lignin for soil stabilization is one of the effective measures for lignin disposal. In order to study the effect of lim-lignin on stabilizing clay, a set of resonance column tests was conducted on clay stabilized by lime-lignin. The effects of confining pressure and lime-lignin content on the dynamic shear modulus characteristics of the stabilized soil were analyzed. Based on the relative structural degree method, a characterization model for the maximum dynamic shear modulus of the stabilized soil was proposed. The results show that the maximum dynamic shear modulus and dynamic shear modulus ratio of clay stabilized by lime-lignin increase with the increase of confining pressure. The maximum dynamic shear modulus and dynamic shear modulus ratio of 4% lime +4% lignin stabilized clay are the highest. Under the confining pressure of 300 kPa, the maximum dynamic shear modulus of 4% lime +4% lignin stabilized clay is 17.3% higher than that of 8% lime stabilized clay and 185.4% higher than that of pure clay. Based on shear strength parameters, the relative structural degree of stabilized soil is calculated and the relative structural degree of 4% lime +4% lignin stabilized clay is the highest. On the basis of Hardin formula, a characterization model of maximum shear modulus is established by introducing the relative structural degree. The model has good accuracy and can provide a basis for evaluating the dynamic shear modulus of clay stabilized by lime-lignin.