The previous decade has witnessed a drastic increase of European incentives aimed at pushing forward the transition from an exclusively petro‐based economy toward a strong and homogeneous bio‐based economy. Since 2012, numerous programs have been developed to stimulate and promote research and innovation relying on sustainable and renewable resources. Terrestrial biomass is a virtually infinite reservoir of biomacromolecules, the biorefining of which provides platform molecules of low complexity yet with tremendous industrial potential. Among such bio‐based platform molecules, polyols and, more specifically, molecules featuring vicinal diols have gained tremendous interest and have stimulated an increasing research effort from the chemistry and chemical engineering communities. This Review revolves around the most promising process conditions and technologies reported since 2012 that specifically target bio‐based vicinal diols and promote their transformation into value‐added molecules of wide industrial interest, such as olefins, epoxides, cyclic carbonates, and ketals.