Increased urbanization worldwide has resulted in a substantial increase in energy and material consumption as well as anthropogenic waste generation. The main source for our current needs is petroleum refinery, which have grave impact over energy-environment nexus. Therefore, production of bioenergy and biomaterials have significant potential to contribute and need to meet the ever increasing demand. In this perspective, a biorefinery concept visualizes negative-valued waste as a potential renewable feedstock. This review illustrates different bioprocess based technological models that will pave sustainable avenues for the development of biobased society. The proposed models hypothesize closed loop approach wherein waste is valorised through a cascade of various biotechnological processes addressing circular economy. Biorefinery offers a sustainable green option to utilize waste and to produce a gamut of marketable bioproducts and bioenergy on par to petro-chemical refinery.