Today, reducing GHG emissions is an important goal worldwide. Initially, first-generation biofuels were considered as a solution; however, they created a conflict between food and fuel. Advanced biofuels, which use non-edible materials, have emerged and are becoming more widespread, thus resolving this conflict. The paper aimed to investigate the three pillars of advanced biofuels’ sustainability (economic, environmental, and social). In the frame of a systematic literature review, 41 out of the initially screened 3407 articles were analyzed in depth. The economic aspect of sustainability was the most frequently occurring topic, followed by the environmental aspect, while the number of articles related to the social aspect was limited. From the economic point of view, all the analyzed articles agreed that advanced biofuels are far from commercialization at this stage; however, there are promising options related to different feedstocks or production technologies. Advanced biofuels perform unequivocally better environmentally than even conventional biofuels. For third-generation biofuels, negative net GHG emissions can even be possible, while fourth-generation biofuels can theoretically be produced from CO2. With respect to the social pillar, job creation was the core element of the articles analyzed. This can be experienced at the farm, production, and research levels. Although the commercialization of advanced biofuel production will take time, humanity must turn to them in order to avoid the food versus fuel problem, as well as to successfully fight against climate change and global warming.