Biodiesel serves as a viable alternative to traditional diesel due to its non-toxicity, biodegradability, and lower environmental footprint. Among the diverse edible and inedible feedstocks, waste frying oil emerges as a promising and affordable feedstock for biodiesel production. Commonly waste frying oils include those derived from palm, corn, sunflower, soybean, rapeseed, and canola. The primary challenge related to biodiesel production technologies is the high production cost, which poses a significant barrier to its widespread adoption. Thus, refining the production techniques is essential to enhance yield, reduce capital expenditure, and curtail raw material expenses. An examination of the research focusing on feedstock availability, production, hurdles, operational expenditures, and future potential is pivotal for identifying the most economically and technically viable solutions. This paper critically reviews such research by exploring feedstock availability, production techniques, challenges, and costs intrinsic to biodiesel synthesis. It also underscores the economic feasibility of biodiesel production, shedding light on the pivotal factors that influence profitability, especially when leveraging waste frying oils. Through an in-depth understanding of these considerations, optimal production and feedstock choices for biodiesel production can be identified. Addressing cost and production bottlenecks could potentially enhance the economic viability of waste frying oil-based biodiesel, thus fostering both environmental sustainability and more extensive adoption of biodiesel as an environmental-friendly fuel in the future.