Biorenewable energy resources can be crucial in neutralizing the transportation sector's greenhouse gas emissions. However, the direct use of biorenewable fuels in existing gasoline engines is challenging and requires several modifications. On the contrary, blending compatible biorenewable fuels in limited amounts as an additive in conventional gasoline does not necessarily require any modifications in the engine. Thus, the present review critically asses the physiochemical and fuel properties of biomass‐derived oxygenates such as alcohols, ether, furans, glycerine derivatives, alkyl levulinates, bio‐oils, and esters to understand their full potential as a gasoline additive. Properties such as research octane number (RON), motor octane number (MON), density, volatility characteristics, calorific value, and viscosity of the bio‐based oxygenates have been discussed. Moreover, emission characteristics such as NOx, CO, unburnt, HC, and CO2 of oxygenates reformulated gasoline have been discussed.