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Lignocellulosic biomasses have a tremendous potential to cover the future demand of bio-based chemicals and materials, breaking down our historical dependence on petroleum resources. The development of green chemical technologies, together with the appropriate eco-politics, can make a decisive contribution to a cheap and effective conversion of lignocellulosic feedstocks into sustainable and renewable chemical building blocks. In this regard, the use of an indirect H-source for reducing the oxygen content in lignocellulosic biomasses and in their derived platform molecules is receiving increasing attention. In this contribution we highlight recent advances in the transfer hydrogenolysis of cellulose, hemicellulose, lignin, and of their derived model molecules promoted by heterogeneous catalysts for the sustainable production of biofuels and biochemicals.