Biomass can be converted through thermochemical, chemical or biological conversion to chemicals. Unlike biorefining, wherein biomass is treated as a renewable surrogate for crude oil, we instead view biomass as a complement to crude oil. Biorefining principally involves multitudinous exchanges of C–C σ-bonds and C–H bonds within the feedstock for more reactive C–C π-bonds. These transformations break apart the molecular structure of the feedstock, and the π-bonds subsequently react with one another to generate a plethora of products that are distinguished by their volatilities. Conversion, on the other hand, involves significantly fewer and more selective exchanges of less reactive bonds for more reactive ones, which then generate a vastly smaller number of products, but at higher yields and high selectivity. The favourability in conversion efficiencies and valorisation potentials for converting biomass to low-volume, high-value chemicals over high-volume, low-value fuels and fuel additives also extends to the profitability of the manufacturing processes and their immunity to market fluctuations. The increasing number of processes involving the synergistic application of nano catalytic materials, metagenomics and enzyme & metabolic engineering for lignocellulose bioconversion augurs well for the future development of improved bioprocesses for the selective synthesis of tailor-made chemicals.