This paper presents systematic analysis of value creation chains and their economic and environmental hotspots within a multi-product biorefinery with the primary goal to promote sustainable biorefining. Lignocellulosic biorefinery producing ethanol, crude lignin oil (CLO) and electricity was analysed. The methodology involves transformation of technological model into an input-output one with the use of matrix notation for the analysis of economic and environmental attributes along value chains. The results show that the accumulation of biomass through energy supply grows by a factor of 1.2 for ethanol and electricity, and by 1.4 for CLO value chains, of which solid recovery, lignin solvolysis and biomass pretreatment are responsible for t...