The prevailing global crisis revolves around waste management and the depletion of nonrenewable energy, posing significant challenges for humanity. Fossil fuel refineries, the primary energy and material producers, face scrutiny due to their reliance on nonrenewable sources. The agro- and food industries, which generate vast amounts of biodegradable by-products often labeled as waste, contribute to this environmental dilemma. The diminishing viability of oil extraction stems from escalating fossil fuel prices, their erratic availability, and environmental apprehensions, underscoring the urgency of exploring alternative sustainable solutions to mitigate climate change and reduce fossil fuel dependence. A pivotal area of recent interest is the valorization of food waste (FW) through modern biorefineries and innovative systems capable of converting various biomass sources into biofuels and value-added products. However, implementing a sustainable strategy for biorefineries presents formidable challenges in terms of technical efficiency and economic feasibility. Organic materials such as food waste, grass, and manure can be transformed into high-value volatile fatty acids, carboxylic acids, bioenergy, and bioplastics, offering a promising avenue for waste reduction. Circular bioeconomy has emerged as a viable approach to address global waste and energy challenges. By integrating waste into bioprocesses for the production of valuable goods and metabolites, a sustainable circular bioeconomy can replace petroleum as feedstock, fostering a low-carbon and cleaner environment. This study provides a comprehensive review of organic waste valorization from the agro- and food industries, emphasizing the biorefinery approach to convert waste into bioenergy and value-added products, with a specific focus on bioethanol production and integrated biorefinery applications.