Over the last decades, the palm oil industry has been growing rapidly due to increasing demands for food, cosmetic, and hygienic products. Aside from producing palm oil, the industry generates a huge quantity of residues (dry and wet) which can be processed to produce biofuel. Driven by the necessity to find an alternative and renewable energy/fuel resources, numerous technologies have been developed and more are being developed to process oil-palm and palm-oil wastes into biofuel. To further develop these technologies, it is essential to understand the current stage of the industry and technology developments. The objective of this paper is to provide an overview of the palm oil industry, review technologies available to process oil palm and palm oil residues into biofuel, and to summarise the challenges that should be overcome for further development. The paper also discusses the research and development needs, technoeconomics, and life cycle analysis of biofuel production from oil-palm and palm-oil wastes.