Residual lignocellulosic biomass (RLB) is a valuable resource that can help address environmental issues by serving as an alternative to fossil fuels and as a raw material for producing various value-added molecules. To gain a comprehensive understanding of the use of lignocellulosic waste in South America, a review was conducted over the last 4 years. The review focused on energy generation, biofuel production, obtaining platform molecules (such as ethanol, hydroxymethylfurfural, furfural, and levulinic acid), and other materials of interest. The review found that Brazil, Colombia, and Ecuador had the most RLB sources, with sugarcane, oil palm, and rice crop residues being the most prominent. In South America, RLB is used to produce biogas, syngas, hydrogen, bio-oil, biodiesel, torrefied biomass, pellets, and biomass briquettes. The most studied and produced value-added molecule was ethanol, followed by furfural, hydroxymethylfurfural, and levulinic acid. Other applications of interest that have been developed with RLB include obtaining activated carbon and nanomaterials. Significant progress has been made in South America in utilizing RLB, and some countries have been more proactive in regulating its use. However, there is still much to learn about the potential of RLB in each country. This review provides an updated perspective on the typification and valorization of residual biomass in South America and discusses the level of research and technology being applied in the region. This information can be helpful for future research on RLB in South America.