Herein, wheat straw residue and pulping waste liquid were collected from pulping mill and mixed to prepare bio-based granular fuels by using compression molding technology, and to explore the comprehensive utilization of the industrial waste of pulping and papermaking. The effects of pulping waste liquid on granular fuel properties were analyzed systemically. Further study of the function of pulping waste liquid, cellulose and hemicellulose was used to replace wheat straw residue and avoid the interference factors. Therefore, the prediction models of granular fuels were established with influencing factors that included cellulose, hemicellulose and pulping waste liquid. The granular fuels had the best performance with 18.30% solid content of pulping waste liquid. The highest transverse compressive strength of granular fuel was 102.61 MPa, and the activation energy was 81.71 KJ·mol⁻¹. A series of curve fitting prediction models were established to clarify the forming process of granular fuel, and it turned out that the pulping waste liquid could improve the adhesion between solid particles and increase their compression resistance.