A survey of research findings focusing on issues related to the pros and cons of using biofuels to substitute conventional fuels, namely, fossil fuels is presented in this paper. This controversial topic has attracted great political, economic, and social attention because it is touching interests of world significance during recent years. The paper presents the main biofuel types that are used today or can be used in the future, their properties and characteristics, and their production technologies and focuses on the evaluation and main economic, environmental, and social impacts of biofuels, measuring the pros and cons of their use in energy production. The future of biofuels is also discussed. The paper is concluded with a discussion, some conclusions, and suggestions for further research,