The world’s population has been growing and more nations have been industrialized over the past few decades, which has led to a steady growth in energy consumption. The main natural resource used to provide the expanding need for energy has been crude oil. In addition, the use of fossil fuels contributes directly to environmental degradation, global warming, and other associated risks. It is estimated that world oil production would drop from the current 30 billion barrels per year to about 5 billion barrels in 2050 if the current pattern of crude oil utilization continues. As a result, the need for alternative energy sources is rising globally at the moment. One potential source of energy substitution for transportation use is biomass-derived renewable energy. Since the production of liquid biofuels from lignocellulosic biomass will greatly lessen reliance on fuels derived from petroleum, several government organizations and research experts are very much interested in this field of study. Recent developments in biotechnology and agriculture allow for the suggestion of more affordable and novel methods for lignocellulosic biomass to be converted into biofuels like bioethanol. The analysis emphasizes the difficulties in producing bioethanol from biomass as well as the potential benefits of using biomass in the future to produce biofuel.