Lignocellulosic biorefineriesBiorefinery are the most promising sustainable alternative to fossil-fuel based refineries for the production of various value-added products ranging from biofuelsBiofuel to bioplastics. Rice strawRice straw, an abundantly available lignocellulosic residue remains underutilized and is often burnt in open fields leading to environmental pollutionPollution. Value-added products sourced from rice straw biomass can potentially mitigate the environmentEnvironment pollutionPollution problems along with decreasing the reliability on fossil-fuel based non-renewable resources. Although, high availability and renewable nature makes rice straw a potential biomass feedstockBiomass feedstock for industrial applications, due to the highly recalcitrant nature, its efficientEfficient valorization remains a major obstacle. This chapter describes the major challenges and opportunities for efficient valorization of lignocellulosic biomassLignocellulosic biomass majorly focusing on rice straw as a key biomass feedstockBiomass feedstock for production of value-added products at industrial scale. The major obstacles and recent advances in various pre-treatment strategies for efficientEfficient valorization of rice straw have been examined. Strategies for low-cost enzyme cocktail production for saccharification of rice strawRice straw have been discussed. Furthermore, the chapter evaluates the environmentalImpact impactEnvironmental impact and economic viability of lignocellulosic biorefineriesBiorefinery using techno-economic analysisTechno-economic analysis framework, aiming to envision the cost-effective scale-up of lignocellulosic biomassLignocellulosic biomass based biorefineries towards establishment of circular bioeconomy.