Consolidated bioprocessing (CBP), the combination of saccharolytic enzyme production and secretion, hydrolysis of polysaccharides, and fermentation of available sugars within a single-unit operation, improves cellulose conversion efficiency and decreases lignocellulosic biomass processing costs for producing biofuels and value-added products. Clostridium thermocellum, an anaerobic, thermophilic bacterium is a significant biocatalyst aspirant for CBP, due to its native cellulolytic and ethanologenic capabilities. This review highlights strain development/modification, metabolic engineering, and process improvements associated with CBP in the context of using C. thermocellum as a model biocatalyst to reduce operating expenditures and inhibitory effects for enhanced biofuels production. In addition, opportunities in using a microbial consortia and biofilms are discussed. As an overview of recent advances in CBP technologies to convert lignocellulosic biomass to biofuels, this review gives researchers a platform for future development of efficient and sustainable CBP approaches.