Two strategies for refining sweet sorghum to ethanol and feedstuff were investigated in the inner Mongolia region, a typical pastoral area in China. Strategy 1 is to conduct submerged ethanol fermentation from sweet sorghum juice followed by feedstuff production from bagasse by a mixed culture of Aspergillus niger and Geotrichum candidum. Strategy 2 is to conduct solid-state ethanol fermentation from dried sweet sorghum stalk followed by feedstuff production from residue after ethanol distillation by a mixed culture of A. niger and G. candidum. The economic analysis indicated that strategy 2 performed a higher net present value than strategy 1 and the ethanol price had the greatest impact oil the net present value.