The biorefining of biocrude oil has garnered significant attention as a sustainable alternative to conventional fossil fuels, bolstering global efforts to reduce carbon emissions and transition to renewable energy sources. The current and possible prospects of biocrude oil biorefining are examined in this chapter, with a focus on commercial opportunities, industry challenges, and technological advancements. One practical method for turning biomass into liquid fuels is the generation of biocrude oil through thermochemical processes like pyrolysis and hydrothermal liquefaction. However, because of its high oxygen concentration, instability, and corrosiveness, there are significant barriers to its refinement and application in the current fuel infrastructure. In order to improve the properties of biocrude oil and make it suitable for use in fuel applications, the chapter provides a comprehensive examination of potential biomass conversion techniques, such as fermentation, pyrolysis, and hydrothermal liquefaction. In addition, biocrude characteristics, sustainability, and environmental impact and metrics of sustainability as well as current status and future developments are emphasized as critical elements that can enhance the efficiency of biocrude oil upgrading processes.