AbstractCellulose and lignin nanoparticles are high‐value‐added products obtained from lignocellulosic biomasses through several steps of cellulose purification and lignin extraction. These steps drastically reduce the potential feedstock revenue when carried out as stand‐alone methodologies. To increase biomass yields, we describe here a strategy to design a biorefinery focused on producing cellulose and lignin nanoparticles as main products, but also aim to recover and benefit from other biomass components using only water‐based processes. Sequential pressurized liquid extractions and diluted acid and alkaline treatments were carried out to fractionate elephant grass biomass, yielding (for every 100 g of biomass): 30 g of cellulose pulp (converted to 9 g of cellulose nanocrystals and 9 g of cellulose nanofibers); 10 g of lignin (used to produce 8.5 g of stable colloidal lignin nanoparticles by probe‐sonication in water); 7.5 g of extractives (e.g. sterols and phenolics) and 23 g of xylose (converted to 4.1 g of furfural). Alternatively, to allow for the flexible use of the cellulose fraction in the proposed biorefinery, 22 g of glucose could be produced by enzymatic hydrolysis. The results demonstrate that water‐based processes are suitable for a holistic use of biomass, providing a comprehensive set of high‐value‐added co‐products that are renewable and cost‐effective chemical, cosmetic, food, polymer and pharmaceutical solutions.