In spite of the benefits associated with the production and consumption of biofuels, there are some crucial debatable issues like high cost, food insecurity, etc., that put them to the negative side. However, biofuels still hold impressive market potentials in the world today though most of their production technologies are sophisticated and costly. Liquid biofuels like bioethanol and biodiesel are commonly produced from feedstocks like corn, rapeseed, soybean, etc., but there are other potential feedstocks, which are more sustainable like palm oil. This chapter discusses the major sources of biofuel feedstocks, types of biofuels, their production technologies, and global market potentials.