The lignocellulosic biomass is produced worldwide in large quantities, which may contribute to environmental changes, global warming, wildfires, ocean and sea level rise. Recent research demonstrated efficacy of the thermal reconversion of black liquor, which represents a waste resulted from wood Kraft pulping, into gaseous (syngas), liquid (bio-oil) and solid (bio-char) final products through the pyrolysis process. This review describes the physical chemical and energy features of black liquor required for its valorization into fuels and valuable chemical compounds, the thermochemical process and the pyrolytic final products developed from such waste. The obtained syngas rich in hydrogen, methane, carbon dioxide and carbon monoxide can be directly used for energy purposes. In order to increase the energy values of the synthesis gas, as well as to reduce the negative impact on the environment, it is desirable to use it in mixtures, in different ratios, with natural gas, geothermal gas or biogas. The pyrolytic bio-oil can be used as an alternative fuel to fossil ones after refining. The pyrolytic bio-char has great potential for valorization into adsorbent materials for CO2 capture and storage, after a chemical activation process. The advantages of black liquor pyrolysis consist in the elimination of this waste regularly produced in considerable quantities for the development of alternative and renewable fuels that contain high levels of ecological carbon.