In the present scenario fluctuating oil prices and disrupting energy demand and supply chain of the world makes an energy-intensive country like India which mostly depends on the oil and gas import from gulf countries to fulfill its energy needs, vulnerable to energy security. Biodiesel has emerged as a potential alternative to diesel, but its production on a large scale has barriers such as high production cost. Waste Cooking Oil emerges as a cheaper option to biodiesel feedstock, thus reducing overall biodiesel production cost relative to other feedstocks. Additionally, it solves the waste oil disposal problem. The main aim of this review paper is to discuss and highlight the effects of different catalysts and process intensification techniques on the yield of biodiesel derived from the waste cooking oil (WCO). This review paper also provides an overview of the Indian scenario in the context of the collection mechanism for waste cooking oil and its potential for biodiesel production.