The ongoing saga of the fossil carbon‐based economy affects the wellbeing of this planet and its associated life forms, including humans. Although the bioeconomy is widely advocated as a solution, it is not growing quickly enough due to various challenges. Here, we discuss emerging opportunities to overcome these barriers and enhance the bioeconomy's potential to contribute to achieving the United Nations' Sustainable Development Goals as a result of developments in biomass production and biorefining. A brief overview of current advances in biomass production, biorefining, and products together with their applications is provided. A comprehensive vision for the development of a sustainable bioeconomy is also given. Leveraging scientific and technological advances along with the support of modeling, assessment, and analyses, can help to address the sustainability concerns of the bioeconomy and accelerate its progress toward a carbon‐neutral future while strengthening bioeconomy concepts of contributing to equitable economic growth based on holistic sustainable development in harmony with nature. © 2021 Society of Industrial Chemistry and John Wiley & Sons Ltd.