Climate change issues are calling for advanced methods to produce materials and fuels in a carbon–neutral and circular way. For instance, biomass pyrolysis has been intensely investigated during the last years. Here we review the pyrolysis of algal and lignocellulosic biomass with focus on pyrolysis products and mechanisms, oil upgrading, combining pyrolysis and anaerobic digestion, economy, and life cycle assessment. Products include oil, gas, and biochar. Upgrading techniques comprise hot vapor filtration, solvent addition, emulsification, esterification and transesterification, hydrotreatment, steam reforming, and the use of supercritical fluids. We examined the economic viability in terms of profitability, internal rate of return, return on investment, carbon removal service, product pricing, and net present value. We also reviewed 20 recent studies of life cycle assessment. We found that the pyrolysis method …