The second-generation technologies of biorefining cannot overcome the profit obstacle. Compared with coal chemical processes or fermentation processes, these technologies have many drawbacks such as very low product yield, high energy consumption, and too much waste. The third-generation technology of biorefining can produce both liquid transportation fuels and chemicals in a way similar to that of petrochemical process. Quantitative conversion and high product selectivity are the key characteristics of the third-generation technology of biorefining, and these novel processes are unfolding in front of us.