Nowadays, lignin is a byproduct of the agricultural and cellulose pulp mill. Lignin is a sustainable, renewable raw material alternative to petroleum‐based chemicals, mainly for the benzene–toluene–xylene (BTX) production of commodities and the sequential secondary, tertiary and manufactured products in the petrochemical industry. It can be mass produced and is used for renewable energy biorefinery or high‐value‐added products. This review aims to outline the important lignin depolymerization technologies and the feasibility of imposing these transforming technologies on a large scale. Finally, this review examines the market prospects for BTX, revealing its R&D progress. However, the harmful effects of BTX and unfavorable conditions resulting from the COVID‐19 pandemic comprise roadblocks to its growth. However, the increasing use of biobased BTX is expected to open new market opportunities. © 2022 Society of Chemical Industry and John Wiley & Sons, Ltd.