Several non-conventional yeasts are emerging as potential candidate with an ability to produce lignocellulosic ethanol along with other biofuels. Capability to effectively ferment a variety of sugars especially, which are released during lignocellulosic biomass degradation, makes Pichia an organism of choice. By utilizing five carbon sugars along with the six carbon sugars, and generating biofuels with high yields, Pichia is a possible complement with conventional yeasts. Recent research has indicated that these yeasts may have the ability to function as an exoelectrogen, generating electrical energy by extracellular electron transfer. The metabolic pathways and the important products and by-products produced in electrochemical bioreactors by using lignocellulosic hydrolysate and the formation of ethanol and other biofuels are reviewed in the present study. Additionally, it emphasizes Pichia’s potential to be used as a flexible biocatalyst for the synthesis of value-added compounds and bioremediation in microbial fuel cells. The article further highlights some gaps and possibilities for future engineering and optimization of Pichia strains for large-scale production.