The need for cheaper electrolytic cells has called for alternative and sustainable materials. This study explores the potential of utilizing lignocellulosic biomass waste as a sustainable and cheaper source of producing electrolytic cell components. It examines the current applications of biomass major components, i.e., lignin, cellulose, and hemicellulose, and their suitability for different components of electrolytic cells, such as electrodes, separators, and electrolytes. It explores biochar, a porous, high-surface-area, and carbon-rich materials as a sustainable source to fabricate solid electrolytes. It describes the biochar surface as a playground that can be modified to enhance its ability to participate in redox reactions, which are essential for energy storage and conversion processes. The study gave a detailed evaluation of biomass in graphene production, a highly conductive material with exceptional properties for electrodes in fuel cells and batteries. The tremendous advantages and challenges of biomass materials as a component of electrolytic cells were analyzed, including their electrochemical properties, processing methods, and environmental impact. It also discusses the potential for integrating biomass waste valorization with existing electrolytic cell production processes, highlighting the economic and environmental benefits. The study highlights some research gaps and future directions for developing sustainable and cost-effective electrolytic cells from biomass waste, which is expected to contribute to the desired circular economy and reduce reliance on fossil fuels.