Waste glycerol can be subjected to various processing operations, including purification and refining, to obtain glycerol of an appropriate purity. Alternative methods for utilising waste glycerol are also being sought, e.g., by converting it into other valuable chemical products or biofuels. Therefore, various technologies are being developed to ensure effective and sustainable utilisation of this type of waste. The production of value-added products from waste glycerol strongly determines the improvement of the economic viability of biofuel production and corresponds to the model of a waste-free and emission-free circular economy. This paper characterises the mechanisms and evaluates the efficiency of existing methods for microbiological utilisation of waste glycerol into liquid biofuels, including biodiesel, bioethanol and biobutanol, and identifies further production avenues of value-added products. In addition, it presents the results of a bibliographical analysis of publications related to the production of liquid fuels and economically valuable products from glycerol, assesses the progress of research and application work and, finally, identifies areas for future research.