Biomass is a renewable and carbon-neutral resource with good features for producing biofuels, biochemicals, and biomaterials. Among the different technologies developed to date to convert biomass into such commodities, hydrothermal conversion (HC) is a very appealing and sustainable option, affording marketable gaseous (primarily containing H₂, CO, CH₄, and CO₂), liquid (biofuels, aqueous phase carbohydrates, and inorganics), and solid products (energy-dense biofuels (up to 30 MJ/kg) with excellent functionality and strength). Given these prospects, this publication first-time puts together essential information on the HC of lignocellulosic and algal biomasses covering all the steps involved. Particularly, this work reports and comments on the most important properties (e.g., physiochemical and fuel properties) of all these products from a holistic and practical perspective. It also gathers vital information addressing selecting and using different downstream/upgrading processes to convert HC reaction products into marketable biofuels (HHV up to 46 MJ/kg), biochemicals (yield >90 %), and biomaterials (great functionality and surface area up to 3600 m²/g). As a result of this practical vision, this work not only comments on and summarizes the most important properties of these products but also analyzes and discusses present and future applications, establishing an invaluable link between product properties and market needs to push HC technologies transition from the laboratory to the industry. Such a practical and pioneering approach paves the way for the future development, commercialization and industrialization of HC technologies to develop holistic and zero-waste biorefinery processes.