Abstract: A great fraction of worldwide energy carriers and material products come from fossil fuel refinery. Because of the on-going price increase of fossil resources, their uncertain availability, and their environmental concerns, the feasibility of oil exploitation is predicted to decrease in the near future. Therefore, alternative solutions able to mitigate climate change and reduce the consumption of fossil fuels should be promoted. The replacement of oil with biomass as raw material for fuel and chemical production is an interesting option and is the driving force for the development of biorefinery complexes. In biorefinery, almost all the types of biomass feedstocks can be converted to different classes of biofuels and biochemicals through jointly applied conversion technologies. This paper provides a description of the emerging biorefinery concept, in comparison with the current oil refinery. The focus is on the state of the art in biofuel and biochemical production, as well as discussion of the most important biomass feedstocks, conversion technologies and final products. Through the integration of green chemistry into biorefineries, and the use of low environmental impact technologies, future sustainable production chains of biofuels and high value chemicals from biomass can be established. The aim of this bio-industry is to be competitive in the market and lead to the progressive replacement of oil refinery products. [Copyright &y& Elsevier]