Pyrolysis is an environmentally friendly and efficient method for converting biomass into a wide range of products, including fuels, chemicals, fertilizers, catalysts, and sorption materials. This review confirms that scientific research on biomass pyrolysis has remained strong over the past 10 years. The authors examine the operating conditions of different types of pyrolysis, including slow, intermediate, fast, and flash, highlighting the distinct heating rates for each. Furthermore, biomass pyrolysis reactors are categorized into four groups, pneumatic bed reactors, gravity reactors, stationary bed reactors, and mechanical reactors, with a discussion on each type. The review then focuses on recent advancements in pyrolysis technologies that have improved efficiency, yield, and product quality, which, in turn, support sustainable energy production and effective waste management. The composition and yields of products from the different types of pyrolysis have been also reviewed. Finally, a techno-economic analysis has been conducted for both the pyrolysis of biomass alone and the co-pyrolysis of biomass with other raw materials.