This study takes combined field trial, lab experiment, and economic analysis approaches to evaluate the potential of industrial hemp in comparison with kenaf, switchgrass and biomass sorghum. Agronomy data suggest that the per hectare yield (5437 kg) of industrial hemp stem alone was at a similar level with switchgrass and sorghum; while the hemp plants require reduced inputs. Field trial also showed that similar to 1230 kg/ha hemp grain can be harvested in addition to stems. Results show a predicted ethanol yield of similar to 82 gallons/dry ton hemp stems, which is comparable to the other three tested feedstocks. A comparative cost analysis indicates that industrial hemp could generate higher per hectare gross profit than the other crops if both hemp grains and biofuels from hemp stem were counted. These combined evaluation results demonstrate that industrial hemp has great potential to become a promising regional commodity crop for producing both biofuels and value-added products.