Considering global developments like climate change and the depletion of fossil resources, the use of new and sustainable feedstocks such as lignocellulosic biomass becomes inevitable. Green waste comprises heterogeneous lignocellulosic biomass with low lignin content, which does not stem from agricultural processes or purposeful cultivation and therefore mainly arises in urban areas. So far, the majority of green waste is being composted or serves as feedstock for energy production. Here, the hitherto untapped potential of green waste for material utilization instead of conventional recycling is reviewed. Green waste is a promising starting material for the direct extraction of valuable compounds, the chemical and fermentative conversion into basic chemicals as well as the manufacturing of functional materials like electrodes for electro-biotechnological applications through carbonization. This review serves as a solid foundation for further work on the valorization of green waste.