The differences between a biorefinery and an oil refinery are determined by the higher oxygen content of the biorefinery's biomass, its high degree of functionalization, its low thermal stability, its polar components, which are mostly acidic, its highly heterogeneous structure, and its quality variation as result of genotypic and phenotypic characteristics. Levulinic acid (LA) is one of the main high value‐added chemicals that can be produced from lignocellulosic biomass as raw material. The main challenges for the conversion of lignocellulosic biomass to levulinic acid are related to the improvement of the technologies to obtain a pure and cost‐competitive product, the design and use of efficient heterogeneous catalysts, and the improvements in the selectivity and useful life of the catalyst. This is an up‐to‐date review of the state of knowledge about the heterogeneous catalytic conversion of biomass into LA, addressing the technical hurdles that impede the attainment of high yields. This work outlines the chemistry of LA synthesis and discusses in detail the influence of the lignocellulosic raw material, reaction time, temperature, solvent according to the chemical pathway, and efficiency of the chosen Lewis and Brønsted solid acid catalysts. © 2019 Society of Chemical Industry and John Wiley & Sons, Ltd.