<p>Industrial hemp (<i>Cannabis sativa</i> L.) production and the hemp-based industry are set for expansion. Hemp is cultivated for valuable fibers from stems and oil from seeds, used in various industrial applications. Recently, hemp has been grown for energy production due to its high biomass and seed yields. Hemp oil is suitable for biodiesel production through transesterification, while hemp biomass serves as a solid fuel or raw material for bioethanol, biohydrogen, and biogas production. This paper provides a comprehensive review of hemp seed and biomass pretreatment, oil extraction, and biofuel production methods. Pretreatment methods for hemp seed and biomass are largely unexplored, and innovative methods require detailed economic analysis before commercialization. Research on hemp oil extraction is sparse and lacks comparative analyses of different techniques regarding yield and quality. Advanced methods yield more oil in shorter times than conventional techniques. Advanced solvent extraction yields more oil than screw pressing and maceration but less than Soxhlet extraction. Transesterification of hemp oil for biodiesel typically uses base catalysts, either homogeneous or heterogeneous, but novel methods have yet to be applied. Other biofuels are produced by thermochemical (torrefaction, pyrolysis, gasification) and biological (fermentation, anaerobic digestion) processes. A comparative analysis of biofuel yields and primary energy recovery potentials of different hemp components is needed to optimize biomass utilization in bioenergy production. Despite the substantial benefits of hemp biofuel production, challenges such as legal and regulatory barriers, economic competition with high-value products, production costs, environmental trade-offs, technological advancement, and public perception need to be addressed.</p>