The utilization of lignin and glyoxal as potentially sustainable and less hazardous building blocks for phenolic resins is an emerging research field. Lignin thereby serves as a partial, macromolecular substitute for phenol, while glyoxal fulfills the role of an aldehyde cross-linker. In the first part of this perspective, the industrial context of lignin and glyoxal will be expounded with a focus on their origin and production processes. In the framework of phenolic resins, the use of lignin and glyoxal can be categorized into two research domains: (i) glyoxalation to improve the reactivity of lignin prior to resin synthesis and (ii) direct resin synthesis using lignin and glyoxal with glyoxal immediately serving as the cross-linker. This perspective provides a comprehensive overview of the progress made in both domains, pinpointing the opportunities, blind spots, and challenges that lay ahead.