This study employed thermogravimetric analysis (TGA), Fourier transform infrared spectroscopy (FTIR), and pyrolysis gas chromatography/mass spectrometry (Py-GC/MS) to characterize and provide insights into the pyrolysis behaviors and by-products of rice husk (RH) and rice straw (RS). The primary pyrolysis range is partitioned into three stages, designated as pseudo-hemicellulose, pseudo-cellulose, and pseudo-lignin pyrolysis, by an asymmetric bi-Gaussian function. The average activation energies of the three pseudo-components of RH were estimated by the Flynn–Wall–Ozawa and Starink methods to be 179.1 kJ/mol, 187.4 kJ/mol, and 239.3 kJ/mol, respectively. The corresponding values for RS were 171.8 kJ/mol, 185.8 kJ/mol, and 203.2 kJ/mol. The results of the model-fitting method indicated that the diffusion model is the most appropriate for describing the pseudo-hemicellulose reaction. The reaction of pseudo-cellulose and pseudo-lignin is most accurately described by a nucleation mechanism. An accelerated heating rate resulted in enhanced pyrolysis performance, with RS exhibiting superior performance to that of RH. RH produces 107 condensable pyrolysis by-products, with ketones, acids, and phenols representing the largest proportion; RS produces 135 species, with ketones, phenols, and alcohols as the main condensable by-products. These high-value added by-products have the potential to be utilized in a variety of applications within the agricultural, bioenergy, and chemical industries.