Availability of cost-competitive biomass conversion technologies plays crucial role for successful realization of biorefinery for sustainable production of fuels and organic chemicals from biomass. The present article provides an outline of opportunities and socio-techno-economic challenges of various biomass processing technologies. The biomass processing technologies were classified into three broad categories: thermochemical, chemical and biochemical. This review article presents an overview of two potential thermochemical conversion processes, gasification and fast pyrolysis, for direct conversion of lignocellulosic biomass. The article further provides a brief review of chemical conversion of triglycerides by transesterification with methanol for production of biodiesel. The highly productive microalgae as an abundant source of triglycerides for biodiesel and various other fuels products were also reviewed. The present article also provides an outline of various steps involved in biochemical conversion of carbohydrates to alcoholic bio-fuels, bio-ethanol and bio-butanols and conversion of natures most abundant aromatic polymer, lignin, to value-added fuels and chemicals. Furthermore, an overview of production of hydrocarbon fuels through various biomass processing technologies such as hydrodeoxygenation of triglycerides, biosynthetic pathways and aqueous phase catalysis in hydrocarbon biorefinery were highlighted. The present article additionally provides economic comparisons of various biomass conversion technologies. © 2014 Elsevier Ltd. All rights reserved.