The valorization of lignocellulosic biomass from waste into high-value-added molecules has gained tremendous attention due to its availability and non-competition with food. Furfural, a prominent platform molecule is exclusively derived from lignocellulosic biomass and a promising platform for biofuels. Existing literature provides numerous reviews on furfural production, focusing on the catalyst and solvent effects. There is a notable gap concerning its kinetics and overall process assessment. To address this, we investigated different lignocellulosic biomass pretreatment methods while considering their economic and environmental implications from a process assessment and sustainability standpoint. Within the framework of this review, recent progress in the production of furfural was discussed while considering the effects of catalysts, solvents, and operating conditions. Furthermore, the reaction pathways and kinetic models proposed for furfural production both directly from lignocellulosic biomass and xylose were discussed. Additionally, recent and innovative process intensification and purification technologies for furfural were examined. Finally, we proposed a sustainable process for obtaining furfural directly from lignocellulosic biomass which can be easily implemented in an industrial scale setting while abiding by the green chemistry principles. This review consolidates current knowledge on furfural production, integrates critical aspects often overlooked in previous studies, and outlines a pathway toward a robust and environmentally sound industrial process for furfural synthesis from renewable biomass sources.