Sugarcane is a major crop cultivated globally and the residue left over after the crop harvest and extraction of juice is a good biomass source that can be used for the production of several useful chemicals. The sugarcane bagasse is an excellent substrate for the production of various biochemicals and enzymes through fermentation. Now major interest is focused on the utilization of these residue for biofuel production. The sugarcane crop residue is rich in cellulose and hemicellulose, hence it can be used for the production of bioethanol and other liquid transportation fuels. The present review gives a detailed account of the availability of sugarcane residue and various commercially important products that can be produced from this residue. It also provides recent developments in R&D on the bioconversion of sugarcane crop residue for value added products.