Developing biorefineries increasingly stands out as a response to climate change and the need for economically viable alternatives to traditional oil refineries (i.e., chemicals, fuels, and products). The rapid increase in energy demand is making conventional resources, mostly fossil fuels, scarcer. Given the imbalance between energy demand and supply in today’s world, mankind is searching for sustainable energy resources not just to fulfill consumer demands but also to protect the environment. Biomass can produce many useful chemicals and fuels, offering an environmentally friendly renewable resource. A biorefinery operates by producing chemicals and fuels from biomass, similar to how a petroleum refinery works. In the context of the emerging bioeconomy, this chapter presents an overview of the developments in biorefineries today and in the future. It also focuses on biorefineries’ concepts, the sensibility framework, the key factors involved in the techno-economic aspects of biorefinery, commercialization, market outlook issues, prospects, and challenges.