Exploitation of agricultural waste as green starting materials to produce various valuable products is attracting the attention of academic, industrial and other practitioners. Cashew nut shell (CNS) and its liquid extract (CNSL) in particular have been identified as agro-wastes rich in valuable and functional renewable products. The unique structural features of the CNSL constituents offer the possibility for different modifications to suit various applications. This review article provides recent developments in CNS and CNSL as green sources for use in the production of biorenewable chemicals, materials and energy. Extraction methods and applications of CNS, CNSL and isolates are discussed. Furthermore, a literature survey of the current status and efforts made on the utilization of these agricultural and food wastes for different applications is well outlined.