Due to an increase in industrialization and urbanization, massive amounts of solid waste biomass are speedily accumulating in our environment, which poses several adverse effects on habitat and human health thus becoming a matter of discussion in the environmental community. With reference to the circular economy, continuous efforts have been put forward for setting up an organised management approach in combination with an efficient treatment technique for increasing the profitable utilization of solid waste. This review aims to provide a systematic discussion on the recent thermochemical technologies employed for converting waste biomass generated from different sources into valuable products like biochar, bio-oil, heat, energy and syngas. The article further focuses on a few important aspects of thermochemical conversion of waste biomass to useful products like technical factors affecting thermochemical processes, applications of by-products of thermochemical conversion, and biological pretreatment of waste biomass. The review assists interesting recent and scientific trends for boosting up the systematic management and valorization of solid waste through low-cost, efficient, environment-friendly and sustainable technologies.