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First, second, third, and fourth-generation biofuels are continuously evolving as a promising substitute to petrodiesel catalyzed by energy depletion, economic and environmental considerations. Bio-diesel can be synthesized from various biomass sources, which are commonly divided into FAME and renewable biodiesel. FAME biodiesel is generally produced by the transesterification of vegetable oils and fats while renewable diesel is produced by hydro-deoxygenation of vegetable and waste oils and fats. The different generation, processing technologies and standards for FAME and renewable biodiesel are reviewed. Finally, the life cycle analysis and production cost of conventional and renewable biodiesel are described.