Whey, the liquid remaining after milk fat and casein have been separated from whole milk, is one of the major disposal problems of the dairy industry, and demands simple and economical solutions. In view of the fast developments in biotechnological techniques, alternatives of treating whey by transforming lactose present in it to value added products have been actively explored. Whey can be used directly as a substrate for the growth of different microorganisms to obtain various products such as ethanol, single-cell protein, enzymes, lactic acid, citric acid, biogas and so on. In this review, a comprehensive and illustrative survey is made to elaborate the various biotechnological innovations/techniques applied for the effective utilization of whey for the production of different bioproducts.