A surplus of palm oil mill effluent (POME) is generated annually. POME – a by-product from the palm oil milling process – is often regarded as a highly polluting wastewater although its high organic load can be economically beneficial. In average, about 0.67-1 t of POME is produced for every t of fresh fruit bunches (FFB) processed. Despite the negative perception on POME, it has great potential to be reutilised as a renewable source for making into various value-added products e.g. citric acid, bioethanol, biohydrogen, bioplastic, among others, through biotechnological approaches. The advantages of bioprocessing of POME include a reduced production cost, environmental impact associated with palm oil processing and energy consumption. This paper reviews some of the recent biotechnological advances in waste (POME)-to-wealth (bioproducts) generation which then promote sustainable palm oil production.