Biolubricants generated from biomass and other wastes can reduce the carbon footprint of manufacturing processes and power generation. In this paper, the properties and uses of biolubricants have been compared thoroughly with conventional mineral-based lubricants. The biolubricants, which are currently based on vegetable oils, are discussed in terms of their physicochemical and thermophysical properties, stability, and biodegradability. This mini-review points out the main features of the existing biolubricants, and puts forward the case of using sustainable biolubricants, which can be generated from agro-residues via thermochemical processes. The properties, applications, and limitations of non-edible oils and waste-derived oils, such as bio-oil from pyrolysis and bio-crude from hydrothermal liquefaction, are discussed in the context of biolubricants. While the existing studies on biolubricants have mostly focused on the use of vegetable oils and some non-edible oils, there is a need to shift to waste-derived oils, which is highlighted in this paper. This perspective compares the key properties of conventional oils with different oils derived from renewable resources and wastes. In the authors’ opinion, the use of waste-derived oils is a potential future option to address the problem of the waste management and supply of biolubricant for various applications including machining, milling applications, biological applications, engine oils, and compressor oils. In order to achieve this, significant research needs to be conducted to evaluate salient properties such as viscosity, flash point, biodegradability, thermo-oxidative and storage stability of the oils, technoeconomics, and sustainability, which are highlighted in this review.