Organosolv fractionation (OF) is a promising method for lignocellulosic biomass biorefining to produce biofuels, biochemicals, and biomaterials. The fractionated polymeric components may be good feedstocks to produce bio‐based materials such as green polymers via chemical or biological conversion. However, related work to specify the bio‐based materials production via organosolv fractionation of lignocellulosic biomass is relatively scarce. In this work we have provided a comprehensive review of typical organosolv fractionation for isolating cellulose, hemicelluloses, and lignin, as well as the high value‐added monomer chemicals and functional materials derived from the fractionated components and their potential applications developed in recent years, primarily including the modified cellulose fibers for polymer materials, cellulose nanocrystals (CNCs), polysaccharide‐derived platform precursors for synthesis of bio‐based polymers, lignin‐derived dispersants, surfactants, carbon materials, and hemicellulose‐derived functional materials, etc. This work suggests that organosolv fractionation of lignocellulosic biomass could be a good entry to biomass refinery for high value‐added and functional materials production. However, there are still many challenges that should be overcome in terms of the fundamental, technical, and economic aspects for the organosolv fractionation process, formation of precursor compounds, synthesis of the bio‐based materials, design of product properties and functions, and the integration of the entire process. © 2019 Society of Chemical Industry and John Wiley & Sons, Ltd