Currently, many research projects are focused on the conversion of renewable raw materials into chemicals and fuels. Lignocellulosic biomass is a raw material used for the production of bio-oils and black liquors. These biomass-derived fractions offer promising paths for the production of valuable chemical products. Various catalytic methods have been investigated for upgrading the biomass-derived fractions. Researchers are interested in the hydrodeoxygenation process (HDO); in this process, the oxygen groups are eliminated by breaking the C-O bonds and water as a product. Incorporating heterogeneous catalysts (i.e., noble metals, transition metals, and metal sulfides) improves this process. Most HDO review articles describe catalytic results for model phenolic compounds. However, there is also a need to investigate the catalytic activity of real biomass-derived fractions. This paper explains research results regarding the upgrading of lignin-derived fractions (i.e., black liquors) by HDO. The paper has been organized according to the type of heterogeneous catalyst and shows compelling results based on different experimental conditions. The final sections present an analysis of the documented results and outline perspectives about integrating lignin into the biorefinery framework.