This paper provides a fundamental and critical review of biomass application as renewable reductant in integrated ferroalloy reduction process. The basis for the review is based on the current process and product quality requirement that bio-based reductants must fulfill. The characteristics of different feedstocks and suitable pre-treatment and post-treatment technologies for their upgrading are evaluated. The existing literature concerning biomass application in ferroalloy industries is reviewed to fill out the research gaps related to charcoal properties provided by current production technologies and the integration of renewable reductants in the existing industrial infrastructure. This review also provides insights and recommendations to the unresolved challenges related to the charcoal process economics. Several possibilities to integrate the production of bio-based reductants with bio-refineries to lower the cost and increase the total efficiency are given. A comparison of challenges related to energy efficient charcoal production and formation of emissions in classical kiln technologies are discussed to underline the potential of bio-based reductant usage in ferroalloy reduction process.