Activities of anthropological organisms lead to the production of massive lignocellulosic waste every year and these lignocellulolytic enzymes plays crucial role in developing eco-friendly, sustainable and economical methods for decomposing and pre-treating the biomass to produce biofuels, organic acids, feeds and enzymes. Lignocellulolytic enzymes sustainably hydrolyse the biomass and can be utilized in wide range of applications such as personal care, pharmaceutical, biofuel release, sewage treatment, food and beverage industries. Every year a significant ton of biomass waste is released and insight on these crucial enzymes could establish in all the industries. However, due to the increased demand for compost materials, biomass degradation has resulted in composting processes. Several methods for improving compost amount and quality have been explored, including increasing decomposer inoculums, stimulating microbial activity, and establishing a decomposable environment. All of these prerequisites are met by biotechnological applications. Biotechnological procedures are used to improve the activity of enzymes on biomass. It leads to an adequate supply of compost and base materials for enterprises. In terms of effectiveness and stability during the breakdown process, lignocellulolytic enzymes derived from genetically modified species outperformed naturally derived lignocellulolytic enzymes. It has the potential to increase the quality and output of by-products. This review discussed the development of lignocellulolytic enzyme families and their widespread applications in a variety of industries such as olive oil extraction, carotenoid extraction, waste management, pollution control, second-generation bio-ethanol production, textile and dyeing, pharmaceuticals, pulp and paper, animal feed, food processing industries, detergent, and agricultural industries.