Lignocellulose biorefinery encompasses process engineering and biotechnology tools for the processing of lignocellulosic biomass for the manufacturing of bio-based products (such as biofuels, bio-chemicals, biomaterials). While, lignocellulose biorefinery offers clear value proposition, success at industrial level has not been vibrant for the commercial production of renewable chemicals and fuels. This is because of high capital and operating expenditures, irregularities in biomass supply chain, technical process immaturity, and scale up challenges. As a result, commercial production of biochemicals and biofuels with right economics is still lagging behind. To hit the market place, efforts are underway by bulk and specialty chemicals producing companies like DSM (Succinic acid, Cellulosic ethanol), Dow-DuPont (1,3-Propanediol, 1,4-Butanediol), Clariant-Global bioenergies-INEOS (bio-isobutene), Braskem (Ethylene, polypropylene), Raizen, Gran-bio and POET-DSM (Cellulosic ethanol), Amyris (Farnesene), and several other potential players. This paper entails the concept of lignocellulose biorefinery, technical challenges for industrialization of renewable fuels and bulk chemicals and future directions.