Rapid industrialization, increasing fuel prices, exhausting fossil fuel resources and greenhouse gas emissions are some of the factors instilling the search for alternative sources of energy and chemicals. Lignocellulose biomass-derived biofuels and biochemicals have emerged as clean products to complement fossil-based resources and reduce environmental impacts. Lignocellulosic biomasses are renewable, inexpensive and abundantly available resources to produce a wide variety of liquid, gaseous and solid biofuels and industrially relevant biochemicals. Different biological (e.g., fermentation and anaerobic digestion), thermochemical (e.g., liquefaction, gasification and pyrolysis) and catalytic (e.g., transesterification) conversion technologies can be used to produce fuel and chemical products from lignocellulosic biomass. This article makes a comprehensive review of different biofuels (e.g., biodiesel, bio-oil, bioethanol, biobutanol, biogas, hydrogen, syngas and jetfuel) and value-added biochemicals (e.g., propylene, ethylene, benzene, 5-hydroxymethylfurfural, levulinic acid, succinic acid, maleic acid, fumaric acid, phenols and other aromatic compounds) from lignocellulosic biomass. Additionally, the current status, challenges and future perspectives for the production and utilization of biofuels and biochemicals are systematically discussed.