Cellulose, an important cell wall polysaccharide, which is replenished constantly in nature by photosynthesis, goes waste in a lion's share in the form of pre-harvest and post-harvest agricultural losses and wastes of food processing industry. These cellulose wastes have an immense potential to be utilized for the production and recovery of several products and ingredients in food application. In this present study, a wide spectrum of researches in the arena of properties of cellulose, hemicellulose and lignin; their degradation; sources and composition of cellulosic and lignocellulosic wastes of agriculture and food industry; present status of converting them into value-added products of food applications; constraints in their conversions and future prospects therein has been reviewed in details. The study has encompassed production of biomass for various utilization and production and recovery of protein and amino acids, carbohydrates, lipids, organic acids, foods & feeds and other miscellaneous products.