The rise in population, urbanization, and industrial developments have led to a substantial increase in waste generation and energy demand, posing significant challenges for waste management as well as energy conservation and production. Bioenergy conversions have been merged as advanced, sustainable, and integrated solutions for these issues, encompassing energy generation and waste upcycling of different types of organic waste. Municipal solid waste (MSW) and agricultural residues (AR) are two main resources for bioenergy conversions. Bioenergy production involves feedstock deconstruction and the conversion of platform chemicals to energy products. This review provides a detailed overview of waste sources, biofuel, and bioelectricity production from fermentation and microbial fuel cell (MFC) technology, and their economic and environmental perspectives. Fermentation plays a critical role in liquid biofuel production, while MFCs demonstrate promising potential for simultaneous production of electricity and hydrogen. Fermentation and MFCs hold a significant potential to be integrated into a single pipeline, enabling the conversion of organic matter, including a variety of waste material and effluent, into diverse forms of bioenergy via microbial cultures under mild conditions. Furthermore, MFCs are deemed a promising technology for pollutant remediation, reducing COD levels while producing bioenergy. Importantly, the consolidated fermentation−MFC system is projected to produce approximately 7.17 trillion L of bioethanol and 6.12 × 104 MW/m2 of bioelectricity from MSW and AR annually, contributing over USD 465 billion to the global energy market. Such an integrated system has the potential to initiate a circular economy, foster waste reduction, and improve waste management practices. This advancement could play a crucial role in promoting sustainability across the environmental and energy sectors.