Energy consumption places growing demands on modern lifestyles, which have direct impacts on the world’s natural environment. To attain the levels of sustainability required to avoid further consequences of changes in the climate, alternatives for sustainable production not only of energy but also materials and chemicals must be pursued. In this respect, syngas fermentation has recently attracted much attention, particularly from industries responsible for high levels of greenhouse gas emissions. Syngas can be obtained by thermochemical conversion of biomass, animal waste, coal, municipal solid wastes and other carbonaceous materials, and its composition depends on biomass properties and gasification conditions. It is defined as a gaseous mixture of CO and H2 but, depending on those parameters, it can also contain CO2, CH4 and secondary components, such as tar, oxygen and nitrogenous compounds. Even so, raw syngas can be used by anaerobic bacteria to produce biofuels (ethanol, butanol, etc.) and biochemicals (acetic acid, butyric acid, etc.). This review updates recent work on the influence of biomass properties and gasification parameters on syngas composition and details the influence of these secondary components and CO/H2 molar ratio on microbial metabolism and product formation. Moreover, the main challenges, opportunities and current developments in syngas fermentation are highlighted in this review.