The evolution from petroleum-based products to the bio-based era by using renewable resources is one of the main research challenges in the coming years. Lignocellulosic biomass, consisting of inedible plant material, has emerged as a potential alternative for the production of biofuels, biochemicals, and nanocellulose-based advanced materials. The lignocellulosic biomass, which consists mainly of carbohydrate-based polysaccharides (hemicellulose and cellulose), is a green intermediate for the synthesis of bio-based products. In recent years, the re-engineering of biomass into a variety of commodity chemicals and liquid fuels by using Lewis acid catalysts has attracted much attention. Much research has been focused on developing new chemical strategies for the valorization of different biomass components. Homogeneous Lewis acid catalysts seem to be one of the most promising catalysts due to their astonishing features such as being less corrosive to equipment and being friendlier to the environment, as well as having the ability to disrupt the bonding system effectively and having high selectivity. Thus, these catalysts have emerged as important tools for the highly selective transformation of biomass components into valuable chemicals and fuels. This review provides an insightful overview of the most important recent developments in homogeneous Lewis acid catalysis toward the production and upgrading of biomass. The chemical valorization of the main components of lignocellulosic biomass (hemicellulose and cellulose), the reaction conditions, and process mechanisms are reviewed.