Formic acid is a widely used commodity chemical. It can be used as a safe, easily handled, and transported source of hydrogen or carbon monoxide for different reactions, including those producing fuels. The review includes historical aspects of formic acid production. It briefly analyzes production based on traditional sources, such as carbon monoxide, methanol, and methane. However, the main emphasis is on the sustainable production of formic acid from biomass and biomass-derived products through hydrolysis and oxidation processes. New strategies of low-temperature synthesis from biomass may lead to the utilization of formic acid for the production of fuel additives, such as methanol; upgraded bio-oil; γ-valerolactone and its derivatives; and synthesis gas used for the Fischer–Tropsch synthesis of hydrocarbons. Some technological aspects are also considered.