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Sugarcane is a lignocellulosic crop and the juice extracted from its stalks provides the raw material for 86% of sugar production. Globally, sugarcane processing to obtain sugar and/or ethanol generates more than 279 million tons of solid and liquid waste annually, as well as by-products; namely, straws, bagasse, press mud, wastewater, ash from bagasse incineration, vinasse from ethanol distillation, and molasses. If not properly managed, this waste will pose risks to both environmental factors and human health. Lately, valorization of waste has gained momentum, having an important contribution to the fulfillment of policies and objectives related to sustainable development and circular bioeconomy. Various technologies are well-established and implemented for the valorization of waste and by-products from sugarcane processing, while other innovative technologies are still in the research and development stage, with encouraging prospects. We propose a sustainable sugarcane processing flow and present an analysis of the physico-chemical characteristics of generated wastes and by-products. We emphasize the available possibilities of valorizing each waste and by-product, considering that they are important biomass resources for obtaining biofuels and a wide range of other products with added value, which will contribute to the sustainability of the environment, agriculture, and human health worldwide.