Industrial wastewater, often characterized by its proximity to neutral pH, presents a promising opportunity for fungal utilization despite the prevalent preference of fungi for acidic conditions. This review addresses this discrepancy, highlighting the potential of certain industrial wastewaters, particularly those with low pH levels, for fungal biorefinery. Additionally, the economic implications of biomass recovery and compound separation, factors that require explicit were emphasized. Through an in-depth analysis of various industrial sectors, including food processing, textiles, pharmaceuticals, and paper-pulp, this study explores how filamentous fungi can effectively harness the nutrient-rich content of wastewaters to produce valuable resources. The pivotal role of ligninolytic enzymes synthesized by fungi in wastewater purification is examined, as well as their ability to absorb metal contaminants. Furthermore, the diverse benefits of fungal biorefinery are underscored, including the production of protein-rich single-cell protein, biolipids, enzymes, and organic acids, which not only enhance environmental sustainability but also foster economic growth. Finally, the challenges associated with scaling up fungal biorefinery processes for wastewater treatment are critically evaluated, providing valuable insights for future research and industrial implementation. This comprehensive analysis aims to elucidate the potential of fungal biorefinery in addressing industrial wastewater challenges while promoting sustainable resource utilization.