Waste cooking oil (WCO) is considered as one of the hazardous wastes because improper disposal of WCO can cause significant environmental problems such as blockages of drains and sewers as well as water or soil pollution. In this review, the physical and chemical properties of WCO are evaluated along with its regulations and policies in different countries to promote WCO refined biofuels. Blended WCO can be an auxiliary fuel for municipal solid waste incinerators while the heat produced is able to form superheated steam and subsequently generate electricity via combined heat and power system. Also, WCO contains high ratio of hydrogen atoms compared to carbon and oxygen atoms, making it able to be catalytically cracked, synthesizing hydrogen gas. WCO-based biodiesel has been traditionally produced by transesterification in order to substitute petroleum-based diesel which has non-degradability as well as non-renewable features. Hence, the potentials of hazardous WCO as a green alternative energy source for electricity generation, hydrogen gas as well as biofuels production (e.g. biodiesel, biogas, biojet fuel) are critically discussed due to its attractive psychochemical properties as well as its economic feasibility. Challenges of the WCO utilization as a source of energy are also reported while highlighting its future prospects.