Biorefinery employing fungi can be a strategy for valorizing low-cost rest materials, by-products and wastes into several valuable bioproducts through the fungal fermentation. Mucoromycota fungi are soil fungi with a highly versatile metabolic system that positions them as powerful microbial cell factories for biorefinery applications. Lipids, pigments, chitin/chitosan, polyphosphates, ethanol, organic acids and enzymes are main Mucoromycota products that can be refined from the fermentation process and applied in nutrition, chemical or biofuel industries. In addition, Mucoromycota biomass can be used as it is for specific purposes, such as feed. Mucoromycota fungi can be employed in developing co-production processes, whereby several intra- and extracellular products are simultaneously formed in a single fermentation process, and, thus, economic viability of the process can be improved. This mini review provides a comprehensive overview over the recent advances in the production of valuable metabolites by Mucoromycota fungi and fermentation strategies which could be potentially applied in the industrial biorefinery settings. KEY POINTS: • Biorefineries utilizing Mucoromycota fungi as production cell factories can provide a wide range of bioproducts. • Mucoromycota fungi are able to perform co-production of various metabolites in a single fermentation process. • Versatile metabolism of Mucoromycota allows valorization of a various low-cost substrates such as wastes and rest materials.