Abstract Bioethanol accounts for the majority of biofuel use worldwide, either as a fuel or a gasoline enhancer. In Serbia, the industrial production of bioethanol still relies on conventional feedstocks containing starch and sugar such as corn, wheat and molasses. In order to improve the economy of bioethanol production and to avoid the competition of the feedstock utilization for food and energy, several production approaches based on crop selection, process integration and waste utilization were considered in this paper. Particular attention was put on utilization of non conventional crops such as triticale and damaged crops not appropriate for food consumption. Potential of lignocellulosic biomass for the production of second generation ethanol in Serbia was also considered as well as the utilization of stillage as a main by-product. The investigated approaches can significantly improve the economy of bioethanol production and contribute to solve serious environmental problems.