Lignocellulose is an abundant and renewable biomass that is mainly composed of cellulose, hemicellulose and lignin. The development and utilization of lignocellulosic ethanol is an effective way to solve the energy problem/crises, In addition, lignocellulosic ethanol industry can play a significant role in controlling environmental pollution and extending agricultural industrial chain; however, it has not been able to realize large-scale industrialization due to the limitation of both biotechnology and economy. This review first introduces industrialization status of lignocellulosic ethanol, and then focuses on the progress of practical technology and analyzing the economic feasibility of the second-generation bioethanol plant; finally, the future development trend of the industry was prospected. To summarize, continuous technological innovation is needed in vital steps such as pretreatment, enzymatic hydrolysis, and fermentation. Meanwhile, for making the cellulosic ethanol industry truly economically competitive, we also need to achieve interdisciplinary, cross-domain integration innovation, such as the construction of raw material collection and storage system, in situ producing special enzyme system, high-value utilization of raw material components, developing a closely integration of biomass refinery with mature equipment and overall industrialization programs, etc. It is hoped that this review can provide a useful reference for the industrialization of second-generation bioethanol.