Lignin is one of the primary components of lignocellulosic biomass. It is an alternative and sustainable source for aromatic and cyclic hydrocarbons. Lignin is obtained in large quantities as a co‐product in sugar, paper‐pulp, and bioethanol industries. Hydrodeoxygenation/‐hydrogenation of lignin‐based phenolic compounds is an important route to synthesize new generation products. This review focuses on recent catalytic methods for selective conversion of phenolics into cyclohexa(nol/none/ne); which are precursors for emerging polymers and fuels. Furthermore, effect of metal catalysts, supports, and parameters on different reactions were discussed along with possible industrial applications of obtained cycloalkanes. In addition, limitations, advantages, and future scope of hydrodeoxygenation/‐hydrogenation of monolignols are also described.