Rapid urbanization, the pursuit of a higher quality of life, increasing energy and fuel demands, and remaining dependence on traditional fossil fuels, along with an increasingly pronounced negative impact on the environment, encourage society to seek new, lower-emission solutions. Among them, the biomass-to-biofuels process shows a promising pathway. Biomass, a renewable energy source, can be converted into a variety of biofuels in gas, liquid, or solid forms (e.g., syngas, bio-oil, biochar). There are two primary methods for converting biomass into biofuels: biochemical and thermochemical conversion. The latter is considered more flexible and efficient than biochemical conversion. Thus, this review aims to provide a summary of the most recent results from experimental research on biomass conversion to biofuels using various thermochemical conversion methods. Additionally, this review covers fundamentals and highlights the main evaluation parameters of thermochemical conversion systems, helping readers better understand the results reported by the researchers discussed in this article. This review also briefly addresses prospects and projections for future biofuel production, as well as measures to promote biofuel production.