With the continuous development of society and a serious energy crisis, renewable energy has become highly important. As platform compounds that can produce large amounts of chemical products, 5‐hydroxymethyl furfural (5‐HMF) and levulinic acid (LA) have attracted the attention of many researchers. Production of 5‐HMF and LA with lignocellulose is currently one of the most promising research directions in biomass energy. Conventionally, production of 5‐HMF and LA with lignocellulose is typically performed in aqueous solutions containing dilute mineral acids as catalysts. Recently, advances have been reported in the use of heterogeneous catalysts for conversion of lignocellulose into 5‐HMF and LA in different solvents to eliminate the use of mineral acids. In this paper, the merits, demerits, and requirements for commercialization are outlined for 5‐HMF and LA production from lignocellulose in aqueous solution, and different solvents are reviewed. Special attention is focused on the use of green chemicals (such as γ‐valerolactone) and ionic liquids as solvents due to their clean and recoverable characteristics. © 2016 Society of Chemical Industry and John Wiley & Sons, Ltd