Lignocellulosic biomass typically contains more than 50 wt% sugars that can be upgraded to valuable platform molecules, such as levulinic acid (LA) and gamma-valerolactone (GVL). This article focuses on upgrading GVL produced from lignocellulosic biomass to various chemicals and fuels, such as polymers, fuel additives, and jet fuel. We also review the use of GVL as a solvent for biomass processing, which led to significant improvements in product yields and a more simplified process for producing biomass-derived chemicals such as LA, furfural, and hydroxymethylfurfural.