Cellulose and lignin nanoparticles are high-value-added products obtained from lignocellulosic biomasses through several steps of cellulose purification and lignin extraction. These steps drastically reduce the potential feedstock revenue when carried out as stand-alone methodologies. To increase biomass yields, we describe here a strategy to design a biorefinery focused on producing cellulose and lignin nanoparticles as main products, but also aim to recover and benefit from other biomass components using only water-based processes. Sequential pressurized liquid extractions and diluted acid and alkaline treatments were carried out to fractionate elephant grass biomass, yielding (for every 100 g of biomass): 30 g of cellulose pulp (converted to 9 g of cellulose nanocrystals and 9 g of cellulose nanofibers); 10 g of lignin (used to produce 8.5 g of stable colloidal lignin nanoparticles by probe-sonication in water); 7.5 g of extractives (e.g. sterols and phenolics) and 23 g of xylose (converted to 4.1 g of furfural). Alternatively, to allow for the flexible use of the cellulose fraction in the proposed biorefinery, 22 g of glucose could be produced by enzymatic hydrolysis. The results demonstrate that water-based processes are suitable for a holistic use of biomass, providing a comprehensive set of high-value-added co-products that are renewable and cost-effective chemical, cosmetic, food, polymer and pharmaceutical solutions.