Our severe dependence on fossil resources for the production of fuels and chemicals is responsible for two major global challenges: declining the fuel supply and increasing the anthropogenic greenhouse gas emissions. Conversion of biomass to fuels and chemicals can be a part of the low-carbon solution to both issues. Among various biomass species, inedible biomass such as lignocellulosics is the preferred choice for such applications due to their minimal impact on the food security. While technologies for the conversion of carbohydrates to value-added materials such as pulp, sugar monomers, and ethanol are well-established, lignin upgrading and valorization processes are significantly less-developed, and technical lignins are almost entirely burnt to generate heat and steam. The economic viability of biorefineries – which will receive significant amounts of lignin in future – can potentially improve significantly when advanced technologies are available that aid the conversion of lignin to value-added compounds. In this paper we assess how thermochemical processes can be used to isolate lignin from the lignocellulosic biomass, and subsequently convert it to liquid fuels, hydrogen, and aromatic monomers. To this end, different depolymerization, gasification and upgrading technologies for lignin conversion will be considered. Finally, the foreseeable applications of lignin-based products, the future directions for development, and the potential supportive interventions from policy makers are critically assessed.