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Increased energy demands in today’s world have led to the exploitation of fossil resources as fuel. Fossil resources are not only on the verge of extinction but also causing environmental and economic issues. Due to these reasons, scientists have started focusing their interest on other eco-friendly processes to biofuel and recently, second-generation biorefinery is gaining much more attention. In second-generation biorefinery, the main objective is the valorization of lignocellulosic biomass cost-effectively. Therefore, many scientists started different bioprocessing techniques like Consolidated Bioprocessing (CBP) to produce ethanol by using a single or plethora of microorganisms to produce ethanol in a single process. In this review, in-depth study on CBP is assessed as well as biofuel’s socio-economic value and a brief study of biorefineries. The study not only involves innovative approaches used in CBP but their effect on society and economic aspects.

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