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Modernization and industrialization has undoubtedly revolutionized the food and agro-industrial sector leading to the drastic increase in their productivity and marketing thereby accelerating the amount of agro-industrial food waste generated. In the past few decades the potential of these agro-industrial food waste to serve as bio refineries for the extraction of commercially viable products like organic acids, biochemical and biofuels was largely discussed and explored over the conventional method of disposing in landfills. The sustainable development of such strategies largely depends on understanding the techno economic challenges and planning for future strategies to overcome these hurdles. This review work presents a comprehensive outlook on the complex nature of agro-industrial food waste and pretreatment methods for their valorization into commercially viable products along with the challenges in the commercialization of food waste bio refineries that need critical attention to popularize the concept of circular bio economy.