Lignin is a potential non-fossil resource of diverse functionalized phenolic units. The most important lignin-derived monomers are 4-alkylphenols, 4-hydroxybenzaldehydes, 4-hydroxybenzoic acids, and 4-hydroxycinnamic acids/esters. Efficient transformation of lignin and/or its monomers into valuable aromatics and their derivatives is crucial, not only for a sustainable lignocellulose biorefinery, but also to reduce our dependence on fossil feedstocks. This review provides a concise account of the recent advances in lignocellulose fractionation/lignin depolymerization processes towards lignin-derived monomers. Subsequently, numerous potential atom-efficient catalytic routes for upgrading lignin monomers into drop-in chemicals and new polymer building blocks are discussed. © 2020 Elsevier Inc.