Purpose of Review <p>Lignin valorization plays a central role in advancing the development of bio-intelligent biorefineries and the production of renewable carbon materials as technical lignins have been garnering attention from the scientific community. Despite their promising functionalities, the commercialization of lignin-derived carbon materials remains limited due to challenges in scalability, consistency and market integration; hopefully, current efforts in pilot-scale production and ongoing early industrial trials in Europe and North America may change the perception. Thereby, this review (i) uncovers recent efforts and companies (e.g., UPM Biochemicals, Borregaard, Renmatix, Suzano) aiming for lignin upcycling and commercialization, (ii) identifies branded lignin products (e.g., UPM BioPiva™100, Lignode®, Ecolig®) and key gaps in current literature, and (iii) offers recommendations to address gaps.</p> Recent Findings <p>Advancements in fractionation, chemical modification, and material design are essential to unlock lignin's full potential in a circular bioeconomy. Thereby, we present a selection of recent advancements in lignin extraction and recovery, production of functional carbon materials and thermosetting polymers via click chemistry, and potential appliances of organic and carbonized lignin (e.g., resins, cryogels, electrodes, carbon fibers and nanodots). Furthermore, there are growing needs for studies that design life cycle- and techno-economic analyses suitable for real-case scenarios, assessing large-scale processes.</p> Summary <p>This review explicates the macromolecular structural aspects of lignin, pertinent functional groups and their implications in advanced applications, offering unique insights into (i) new, emerging products from various lignin streams, (ii) the commercialization stages of these technologies, and (iii) the strategic role of lignin in advancing sustainable materials aligned with net-zero carbon goals, given its renewable nature. </p> Graphical Abstract <p></p>