Sugar beet pulp (SBP) is a valuable by-product of the sugar beet industry and is predominantly composed of cellulose, hemicellulose, and pectin. It is commonly used as livestock feed because of its palatability, good energy levels, and highly digestible fibers such as pectins and glucans. However, the utilization of SBP for the production of value-added products via biotechnological approaches is gaining significance in recent years owing to its potential as a cost-effective nutrient source and technological advancements in its processing. SBP can be used as a substrate for bio-production of microbial enzymes, single cell protein, alcohols (e.g., ethanol), methane/biogas, hydrogen, lactic acid, ferulic acid, and pectic oligosaccharides. SBP can also be used as a carrier for cell immobilization in fermentation processes. This review focused on recent developments in biotechnological valorization of SBP.