Transition and decarbonization of the energy sector require the utilization of new technologies and energy sources. Higher penetration of intermittent renewable energy sources implies following ; the installation of energy storages, to store electricity excess, and enhanced system efficiency. This electricity surpluses that will occur more often in the future energy system, could be effectively utilized for the production of alternative fuels. Most of the alternative fuels that are considered for future application are already known chemicals or products, nowadays used for other purposes. Another great advantage of some alternative fuels lies in their possibilities to act as an energy carrier. This feature might be crucial while discussing their utilization potential and further development. Fuels which can simultaneously be used for power generation and as an energy carrier will have a more important role in the future and are likely to be utilized on a greater scale. Renewable energy source like biomass, on the other hand, is already widely used and their role in the future system is not questionable. Even though, significant increment in their consumption raises serious concerns about their sustainability. For this reason, new approaches to upgrading biomass products were presented. In these new approaches, demands for biomass are partially satisfied by some other type of feedstock (i.e. waste) and obtained characteristics of derived products are enhanced. In this work, the Authors tried to review alternative fuel characteristics, alongside their utilization and production opportunities. In the end, the Authors emphasized the importance of a more comprehensive approach toward this topic in order to come up with the optimal and most appropriate solutions and successfully prevail existing barriers.