The current energy scenario and policies demand the transition of the fuel economy from conventional fossil fuels to renewable fuels, carbon-neutral fuels, and/or decarbonized fuels. The impact of biomass-derived fuels is well-known as their radiocarbon dating indicates their contribution to young carbon emissions in addition to fewer emissions of particulates, sulfur dioxide, and air pollutants compared to fossil fuels. The various kinds of biomass available in India are already being established as potential sources for the production of biofuels and power generation. In this context, besides the quantity of biomass, environmental and economic factors are critically important for determining the range of conversion processes. Currently in India, agricultural-based biomass is the major partner for bioenergy generation. The annual surplus of agriculture-based biomass from major crops, available after its utilization for domestic use, cattle feeding, compost fertilizer, etc., is about 230 million metric tons (MMT). The estimated gross biomass power potential (based on trends) for 2019–2020 from the selected crops is around 30,319.00 Megawatt electric (MWe) at the pan-India level. However, it can be as high as 50,000 MWe after expanding the scope of available biomass from different energy sources. Moreover, the increasing trend of the country for the production of municipal solid waste (MSW) at a rate of 0.16 million tons (Mt) per day also indicates its potential for bioenergy generation. Nevertheless, its decentralized collection and segregation are key issues to its availability for bioenergy conversion/power generation. Therefore, the need of this hour is an effective utilization strategy plan for every type of available biomass including biomass-based refineries, renewable energy carriers, and/or other value-added products. This review aims to compile the various biomass resources (agricultural residues, municipal solid waste, forest-based biomass, industry-based biomass, and aquatic biomass) available in India and their potential for the generation of bioenergy (CBG, bioethanol, power, co-generation, etc.) through various bioconversion technologies that are available/in progress in the country. It also summarizes the current bioenergy scenario of India and initiatives taken by the Indian Government to achieve its future demand through biomass to energy conversion.