The production of fuel ethanol represents one of the largest sectors in industrial biotechnology, driven by the demand for sustainable and renewable energy sources. Currently, the majority of fuel ethanol is derived from conventional feedstock (first-generation ethanol); however, lignocellulose-derived (second-generation) ethanol holds significant promise due to its potential to utilize non-food biomass, reducing competition with food supplies and lowering greenhouse gas emissions. This review outlines the advancements in engineering Saccharomyces cerevisiae strains to enhance ethanol yield from glucose and other quantitatively significant sugars in lignocellulosic hydrolysates, focusing on genetic modifications and optimizations of metabolic pathways. The review also includes comprehensive data on two non-conventional yeast species—Scheffersomyces stipitis, recognized as one of the most efficient natural xylose-fermenting yeasts, and the thermotolerant yeast Ogataea polymorpha, noted for its robustness in high-temperature fermentation processes. Both species are promising candidates for participation in second-generation ethanol production.