Part 2 of the review discusses modern processes for biotechnological conversion of lignocellulosic biomass into the valuable chemicals. It also recognizes the new approaches toward the development of more efficient enzymes for the depolymerization of biomass and the properties of the microorganisms employed in the fermentation of the biomass-derived sugars. Various biotechnological approaches to the fermentation of the depolymerized biomass products are described, including SHF, SSF, NSSF, SSFF, SSCF, and CBP. It is demonstrated that that the main tendencies for development of the new technologies for biotechnological biomass processing are the application of genetic engineering, synthetic biology and reduction of the number of processing steps. Application of one-pot processing of lignocellulosic biomass is promising for development of the new and efficient manufacturing technologies for production of valuable chemicals.