The Paris Agreement’s objectives related to climate change put aviation under great pressure and environmental inspection. In particular, the aviation industry is committed to achieving a 50% reduction in CO2 emissions by 2050 compared to 2005 levels. A shift to alternative aviation fuels seems imperative. The International Air Transport Association (IATA) has identified the production of drop-in sustainable liquid fuels (SAFs) as the most promising strategy, at least short term, to reduce the environmental impact of the sector. Within this review, a critical summary of the current alternative aviation fuels/pathways is presented and a comparative analysis of the dominant technologies is performed considering techno-economic assessment, environmental evaluation, and future projections. The impact of the ‘ReFuelEU Aviation’ initiative on the current dominant policies and market incentives is assessed. Hydroprocessed esters and fatty acids (HEFA), Fischer–Tropsch (FT) synthesis, alcohol-to-jet (AtJ) conversion, and e-fuel pathways are put under the microscope. A wide range of potential fuel selling prices (0.81–5.00 EUR/L) was observed due to the presence of multiple routes, while some pathways seem able to secure more than 90% emission savings compared to the fossil jet reference. The accelerated scale-up of SAF production is a reasonable demand for the aviation industry. The establishment of a sustainable scale-up framework and the alignment of all of the involved aviation stakeholders is an immediate challenge.