Nowadays, biochemical conversion of lignocellulosic biomass by the classical route including hydrolysis, fermentation, and separation has attracted much attention for its great potential to solve the crisis of resources and energy around the world. Generally, three types of wastes (solid, liquid, and gaseous wastes) will be generated during this chemical process which limit its industrialization and bring some environmental issues. Efficient conversion of these components to high value-added products can increase the profits of bio-refinery and reduce the generation of wastes. In the article, a new concept for total components conversion of lignocellulosic biomass is introduced. This concept uses ABE (acetone-butanol-ethanol) production from lignocellulosic biomass, one of the most attractive technologies in bio-refinery, as the platform of conversion. In this platform, the residue of hydrolysis, end gas of fermentation, and downstream wastewater of fermentation can be converted into high value-added products such as polyols, mix-alcohols, bio-products, etc. Different from traditional total components conversion of lignocellulosic biomass, this concept is a process of 'simultaneous separation and conversion', and it can be applied in many actual practices and therefore can promote the industrialization of bio-refinery.