Biofuels are promoted in a wide-scale as a means of achieving energy security and reducing greenhouse gas emissions. Biofuels derived from lignocellulosic biomass, particularly from agricultural crops are being massively supported worldwide for meeting multiple strategy objectives such as climate change mitigation, energy security and development of the rural economy. Recently, the negative implications of using food crops for fuel have been realized to possess a significant threat towards global food security and competition for arable land. In contrast, lignocellulosic biomass in the form of waste residues from agriculture, forestry and energy crop systems are geographically abundant worldwide and have the potential to support the sustainable production of liquid transportation fuels. This paper encompasses the improvement in biofuels sector in relation to revitalizing and restraining the rural economies across the globe along with the global statistics for lignocellulosic biomass availability. In addition, the socio-environmental impacts of energy and greenhouse gas emissions from biomass conversion technologies have been addressed through highlights on life-cycle assessment of several biomasses.