Versatile bio-derived catalysts have been under dynamic investigation as potential substitutes to conventional chemical catalysts for sustainable biodiesel production. This is because of their unique, low-cost benefits and production processes that are environmentally and economically acceptable. This critical review aspires to present a viable approach to the synthesis of environmentally benign and cost-effective heterogeneous solid-base catalysts from a wide range of biological and industrial waste materials for sustainable biodiesel production. Most of these waste materials include an abundance of metallic minerals like potassium and calcium. The different approaches proposed by researchers to derive highly active catalysts from large-scale waste materials of a re-usable nature are described briefly. Finally, this report extends to present an overview of techno-economic feasibility of biodiesel production, its environmental impacts, commercial aspects of community-based biodiesel production and potential for large-scale expansion.