In this paper, 4, 4′-biphenol (BP) was prepared from waste LCP(PHBA- BP- PTA terpolymer)by hydrolysis process under atmospheric pressure using NaOH as catalyst, 1,4-dioxane and water as solvent.The effects of catalyst and solvent on hydrolysis reaction were studied. Under the optimum condition of reaction temperature 100˚C, reaction time 8 h and ratio of reaction mixture: m (LCP): m (solvent): m (H2O): m (NaOH) =1:4:1.5:0.6, the hydrolysis efficiency of the LCP is over 97%. With addition of HCl in the hydrolysate until pH=8.5, BP precipitation was formed. After BP was washed with water, dried and recrystallized in methanol, its purity could reach 99.9%. The yield of BP from the LCP is 70%.