Currently, most biotechnological products are produced from sugar- or starch-containing crops via microbial conversion, but accelerating the conflict with food supply. Thus, it has become increasingly interesting for industrial biotechnology to seek alternative non-food feedstock, such as sweet sorghum. Value-added chemical production from sweet sorghum not only alleviates dependency and conflict for traditional starch feedstocks (especially corn), but also improves efficient utilization of semi-arid agricultural land resources, especially for China. Sweet sorghum is rich in components, such as fermentable carbohydrates, insoluble lignocellulosic parts and bioactive compounds, making it more likely to produce value-added chemicals. Thus, this review highlights detailed bioconversion methods and its applications for the production of value-added products from sweet sorghum biomass. Moreover, strategies and new perspectives on improving the production economics of sweet sorghum biomass utilization are also discussed, aiming to develop a competitive sweet sorghum-based economy.