Innovative valorization of naturally abundant and renewable lignocellulosic biomass is of great importance in the pursuit of a sustainable future and biobased economy. Ionic liquids (ILs) as an important kind of green solvents and functional fluids have attracted significant attention for the catalytic transformation of lignocellulosic feedstocks into a diverse range of products. Taking advantage of some unique properties of ILs with different functions, the catalytic transformation processes can be carried out more efficiently and potentially with lower environmental impacts. Also, a new product portfolio may be derived from catalytic systems with ILs as media. This review focuses on the catalytic chemical conversion of lignocellulose and its primary ingredients (i.e., cellulose, hemicellulose, and lignin) into value-added chemicals and fuel products using ILs as the reaction media. An outlook is provided at the end of this review to highlight the challenges and opportunities associated with this interesting and important area.