Alternative sources of fuel have increasingly attracted attention in the context of an energy crisis. The liquid and gaseous fuel types are created in several steps using carbon-based feedstock such as coal bituminous, lignin, coal, wood waste, biomass, shale bitumen, etc. These could serve as alternatives for normal fossil fuels used for transportation and many others. Synthetic fuels have higher efficiencies, lower carbon footprints, and fit within existing systems, making them a good option in shifting towards cleaner energy systems. Assessment of the economic impact on a large-scale of synthetic fuel production and utilization is important due to its impact on the environment. This should involve taking into consideration aspects like cost-effectiveness, the demand for the products in that particular market, and the role played by the government through incentives or regulations. For an adequate characterization of this developing field, current state-of-the-art attempts towards improving synthetic fuel technologies and breakthroughs should be understood. Synthetic fuels have been promising substitutes for traditional fossil fuels, although their exploitation should not lose its momentum.