Year after year, there are alarming data concerning the excessive release of greenhouse gases into the atmosphere, especially CO2 from the burning of fossil fuels. In this context, the development of renewable energy sources has evolved considerably, mainly due to the incentive use of biofuels, such as bioethanol. The second-generation bioethanol production from lignocellulosic biomasses has interesting potential to meet this energy demand. The Eucalyptus tree stands as a primary example of cultivated hardwoods, owing to its lignocellulosic structure and the biomass residues generated during its processing, where these attributes make it a significant candidate for the production of fuels. The industrial potential of these materials can be explored in the fractionation of their components to reduce their recalcitrance due to the triad formed by cellulose, hemicellulose, and lignin, for further processing and obtaining the products of interest. This paper comprehensively gathers the current technological progress employed for processing Eucalyptus wood biomasses for second-generation bioethanol production. Discussion regarding their chemical composition, the main forms of pretreatments that are being applied, and ways to minimize the generation of fermentative inhibitors during these processes is addressed. Finally, recent researches focused on Eucalyptus biomass-based bioethanol production and techno-economic considerations are discussed. The feasibility of the process is closely tied to the comprehensive utilization of products derived from this biomass. While production appears relatively effective at the laboratory scale, further research is required to develop a cost-effective process that fully harnesses the potential of the biomass.