Biomass is the only renewable carbon resource on earth with significant advantages of wide sources and abundant reserves. Diverse high-value fuels, chemicals, and carbon-based materials can be obtained through advanced biomass thermo-chemical conversionmethods, thereby partially replacing fossil resources, which has an important strategic position and development prospects in the field ofnew energy. Currently, the energy utilization technologies of biomass have made significant progress in China. However, with the rapid advancements of society and technology, the scope of biomass is no longer limited to traditional agricultural and forestry waste, but coversmultiple organic wastes from agricultural and forestry sources, industrial sources, and domestic sources. The high selectivity and largescale conversion of biomass is seriously hindered due to the complex component structure and differentiated thermal decomposition characteristics, and there are still many challenges to achieving its high-value resource utilization. The development of biomass thermo-chemicalconversion was discussed. Based on the fundamental structures and thermal decomposition characteristics of multi-source biomass components, the latest research achievements and development trends of various cutting-edge resource utilization technologies, including selective pyrolysis for producing high-value products, pyrolysis reforming for hydrogen production, and novel gasification, etc., were comparedand analyzed, in response to the problems of low quality and poor selectivity of thermal conversion products. To promote the further development of multi-source biomass thermo-chemical conversion technology in the carbon peaking and carbon neutrality era, the following aspects still need to be focused on. Firstly, large-scale utilization is an inevitable trend for future development, propelled by the significantpromotion of efficient catalytic techniques and reaction equipment. The directional enrichment of target products can be achieved by breaking through the efficiency and recycling constraints of catalysts, reducing catalytic operating costs, strengthening reactor innovation, andoptimizing heat transfer and anti-coking performance. Coupled with efficient strategies for raw material collection, storage, and transportation, the economic feasibility of industrial large-scale biomass thermo-chemical conversion will be enhanced. Secondly, the full-component conversion is the key to achieving high-value utilization of biomass. Through in-depth investigation on the decomposition and synergistic conversion mechanisms of various biomass characteristic components, it is necessary to develop efficient poly - generationtechnologies that combine multiple pretreatments, directional thermo-chemical conversion, and precise separation and condensation ofthree-phase products. Biomass raw materials are transformed into bio-oil rich in high-value chemicals, high-quality combustible gas,and high-performance carbon materials, thereby achieving comprehensive poly-generation of different products and effectively improvingthe output ratio of resources. Finally, multi-energy complementarity represents a significant development direction for the future. By efficiently integrating biomass with other clean energy sources and electricity, and fully utilizing the long-term chemical energy storage characteristics of biomass thermal decomposition products, a flexible multi-energy complementary supply system will be established, therebyachieving the multi-dimensional development and the overall economic efficiency of the new energy industry.