Rapid industrialization, urbanization, globalization, and various anthropogenic activities have strained our finite natural resources due to the increasing energy demand. Therefore, renewable energy resources could be an alternative toward the future sustainable energy needs. In addition, global investment in renewable energy and fuels surged by 8.1%, reaching to 623 billion USD in 2023. Nations like the United States and other developed countries have reconfigured their trade and industrial policies. For instance, the United States initiated over 250 domestic clean energy-manufacturing projects, highlighting its commitment to a sustainable future. Simultaneously, the European Union also proposed the Net-Zero Industry Act, depicting an initiative toward a greener economy. To address the critical challenges of balancing food and energy production, ensuring environmental sustainability, and maintaining biodiversity is crucial. Therefore, the role of marginal and degraded land has become pivotal in this regard to produce biomass for bioenergy and avoiding conflict with food production. This strategy has an added benefit of reducing carbon footprint. Hence, it could be a viable option to cultivate energy crops by enriching biodiversity, improving soil quality, without affecting food security. Therefore, present chapter discusses the potential of marginal and degraded land to cultivate biomass for producing bioenergy, its management practices, and ecological economics perspective toward building the bio-based economy.