The rising concerns about ever-increasing demands of fossil fuels have raised questions on their environmental suitability and consumption rate. This futuristic paucity focuses on the need to shift towards renewable, cleaner, and economical fuels to meet endless energy demands. In this regard, bioethanol has emerged as an alternative source to fossil fuels. In the current review, we will explore how the bioethanol production has revolutionized the energy sector and its social and economic challenges and benefits associated. By looking into these aspects, bioethanol production can be directed towards more sustainable ways of producing these renewable energy sources.