The increasing alarm over the risk of mineral oil-based lubricants on the environment due to uncontrolled spillage and disposal as well as the depletion of natural oil reserves has encouraged lubricant manufacturers to look for biodegradable and environmentally safe lubricants from renewable resources. Biolubricant production from waste vegetable oil and other renewable resources offers a sustainable substitute to conventional mineral lubricants due to their renewability, zero greenhouse gas emission, non-toxicity, biodegradability, and superior tribological performance. Although biolubricant oils have benefits, they are also faced some challenges, such as reduced performance at lower temperatures and poor oxidative stability during applications in automotive engines. To improve the tribological performance of biolubricants, there has been a growing focus on blending additives containing nanoparticles with lubricants. However, commercialization of the nano-biolubricant industry is a challenge considering current capital costs per unit of lubricant production. This chapter presents an updated comprehensive overview of the production of biolubricants with emphasis on the valorization of waste materials to promote the circular bioeconomy concept from a biorefinery perspective. This chapter also highlighted the most recent developments in biolubricants production with excellent tribological performance, and rheological characterization by adding eco-friendly tribological additives. This chapter supports the efforts for the establishment of the future biolubricants industry, as well as support and encourages researchers to produce biolubricants from renewable natural sources as alternatives. Moreover, this chapter provides the researchers who are active in this subject a chance to do further studies in this area.