Lignocellulosic biomass has gained increasing recognition in the past decades for the production of value-added products (VAPs). Biomass feedstocks obtained from various sources, their composition, and pretreatment techniques employed for delignification into bioenergy production are discussed. The conversion processes of biomass into VAPs involve various methods. Notable among them are biochemical conversions; namely, anaerobic digestion and ethanol fermentation, and thermo-chemical conversions; namely, pyrolysis and gasification which are considered in this chapter. Microalgae can adapt to changes in the environment, producing biomass that serves as a precursor for a variety of biomolecules, such as proteins, which find their application in pharmaceutical, cosmetic, and biofuel industries. Suitable strains of freshwater microalgae biomass contain high levels of lipid which can be harnessed for bioenergy production. Hence, the advancement in the conversion of biomass into VAPs could help scientists and environmentalists for sustainable use of biomass in future developments.