The invention provides a method for preparation of lignosulfonate and cogeneration of microcrystalline cellulose from corn cob residues. The method mainly comprises the following steps: pretreating corn cob residues, and sulfonating, filtering and washing to obtain a black liquid and residues; further filtering the black liquid, carrying out ultra-filtration, and recycling an ultrafiltration permeate liquid, namely a lignosulfonate solution; concentrating and drying to obtain lignosulfonate; and bleaching, washing, dewatering, drying, crushing and screening the obtained residues to obtain microcrystalline cellulose, wherein the purity of the obtained lignosulfonate is greater than or equal to 90%. Meanwhile, the microcrystalline cellulose can be prepared. The production technology is simple; the problem of low resource utilization rate in corn cob industry at present is solved; after comprehensive utilization and development of resources in the industry of extracting xylose from corn cob, the application range of the corn cob is changed, the economic value of the corn cob is improved, lignin derivative products, cellulose products and the like are extended, and single xylose production is changed into diversified production.