Cyanobacteria are well known for their plethora of applications in the fields of food industry, pharmaceuticals and bioenergy. Their simple growth requirements, remarkable growth rate and the ability to produce a wide range of bio-active compounds enable them to act as an efficient biorefinery for the production of valuable metabolites. Most of the cyanobacteria based biorefineries are targeting single products and thus fails to meet the efficient valorization of biomass. On the other hand, multiple products recovering cyanobacterial biorefineries can efficiently valorize the biomass with minimum to zero waste generation. But there are plenty of bottlenecks and challenges allied with cyanobacterial biorefineries. Most of them are being associated with the production processes and downstream strategies, which are difficult to manage economically. There is a need to propose new solutions to eliminate these tailbacks so on to elevate the cyanobacterial biorefinery to be an economically feasible, minimum waste generating multiproduct biorefinery. Cost-effective approaches implemented from production to downstream processing without affecting the quality of products will be beneficial for attaining economic viability. The integrated approaches in cultivation systems as well as downstream processing, by simplifying individual processes to unit operation systems can obviously increase the economic feasibility to a certain extent. Low cost approaches for biomass production, multiparameter optimization and successive sequential retrieval of multiple value-added products according to their high to low market value from a biorefinery is possible. The nanotechnological approaches in cyanobacterial biorefineries make it one step closer to the goal. The current review gives an overview of strategies used for constructing self-sustainable- economically feasible- minimum waste generating; multiple products based cyanobacterial biorefineries by the efficient valorization of biomass. Also the possibility of uplifting new cyanobacterial strains for biorefineries is discussed.