A sustainable source of energy production can be provided using renewable resources. For instance, biomass is transformed into biofuels using several techniques such as supercritical fluid extraction, an effective thermochemical process. Here we review results on biofuels obtained from lignocellulosic and algal biomass using supercritical fluids. Biofuel yield and composition are controlled by operating conditions such as extraction temperature, pressure, biomass and solvent type, and the presence of catalysts. The extraction temperature is the major factor controlling biofuel yield. Biofuel yields can also be improved with the use of catalysts. Major compounds in biofuels from lignocellulosic biomass are phenols, catechols, guaiacols, syringols, syringaldehydes, syringyl acetone, acids, and esters. Most of these compounds are produced by lignin decomposition in lignocellulose. Furfural and derivatives are produced by the decomposition of cellulose and hemicellulose. Fatty acid alkyl esters are formed from lignin fragmentation by condensation of compounds bearing C-O or C=O. Prominent compounds in biofuels from algal biomass are saturated or unsaturated fatty acid alkyl esters.