Abstract The gradual reduction in non-renewable resources of energy, along with several ecological and public health issues, has led to the development of renewable resources of energy. Research from recent years has been shifted towards bioprocessing of lignocellulosic materials like agro-industrial, municipal solid waste, and forestry residues, due to their profusion and renewability. However, keeping in view efficient and economical bioconversion, the concept of the biorefinery has emerged. Sugarcane biorefinery is one of the leading industries for the production of cellulosic biofuels. However, the economical bioprocessing of sugarcane bagasse and straw is still a challenge, as the other components, viz. hemicelluloses and lignin, are not efficiently utilized. The present chapter aims to explore the valorization of hemicelluloses and lignin to value-added products, and to put forward a conduit for new cutting edge opportunities in the field of biorefinery. Herein, the commercial aspects of the hemicelluloses and lignin-based products have been discussed. Furthermore, the technological challenges to be dealt with, and their industrial applicability have been summarized with the overall development of lignocellulose-based biorefineries.