Chemicals commodities and consumable, accounting for billions of ton of carbon per year, are produced in an industry based on non-renewable fossil feedstocks. Oil reserves are enough for feeding chemical industry for another century, and therefore, it is essential finding alternative sources of carbon for a progressive replacement of the industrial feedstock. In this context lignocellulosic, a renewable source of carbon composed mainly by polymers of sugars, appears as the most promising candidate. Herein, it will be discussed the status, challenges and prospective future of biomass as industrial feedstock in a raising biorefinery, aiming to clarify the real problems in the actual biomass processing. It will be shown that lignocellulosic biomass is able to replace oil in the production of several chemicals and also delivery new compounds with important applications. However, for a cost effective use of biomass, the development and improvement of solvent and catalytic systems play a leading role. The sustainability of biomass feedstock is also discussed from the economical, social and environmental points of view.