Following the full value chain of "feedstocks–technologies–processes–products," biomanufacturing is rapidly advancing toward high efficiency and sustainability. This review first analyzes the limitations of traditional grain−based feedstocks and highlights the latest developments in sustainable raw material systems—including non−food resources, biomass, and one−carbon substrates—which collectively support the establishment of a secure and robust feedstock base for biomanufacturing. On the technology side, we systematically examine advances in foundational tools such as gene editing, metabolic engineering, computational design, and artificial intelligence (AI), emphasizing their roles in the precise design of chassis cells, industrial enzymes, and high−performance microbial strains. These technologies are driving biomanufacturing toward higher efficiency, modularization, and intelligence. At the process level, key innovations in intelligent cell factories, precision fermentation, online monitoring, digital twins, and the domestic development of smart equipment are discussed, highlighting the transition from experience−driven operations to model−driven and intelligent decision−making. On the product side, we summarize industrialization progress and application prospects across pharmaceuticals, food, chemicals, and materials. Finally, we address critical bottlenecks facing China's biomanufacturing—such as limited autonomy in strain development and reliance on imported high−end equipment—and propose directions for key technological breakthroughs, providing guidance for future technology roadmaps and industrial development.