Glycerol, defined simply as a colorless, sweet syrupy liquid extracted from fatty substances through saponification, is an alcohol with three hydroxyl (OH–) groups in its structure. Glycerol has many uses in the consumer market. It is used primarily in personal care products, as an adhesive and sealing agent and many applications. Glycerol, whose name is propane‐1,2,3‐triol, standardized by the International Union of Pure and Applied Chemistry (IUPAC), CHO open formula CH2OH–CHOH–CH2OH. It can be said that glycerol, a by‐product of biodiesel, is produced in very high quantities. Retention of the produced glycerol will lead to cost increases and environmental problems that may directly affect the development of the biodiesel market. Due to the supply of glycerol to the market in large quantities, glycerol prices have hit the bottom, and therefore, the income and profitability of biodiesel production factories from the sale of glycerol have decreased. This situation clearly shows that the excess of glycerol now poses an obstacle to developing the biodiesel market. This article aims to list the valuable chemicals into which glycerol, produced in large quantities as a biodiesel by‐product, can be converted under a single heading and to detail the studies carried out on this subject.