Glucose and xylose are the major sugars in cellulosic hydrolysates. The cellulosic sugars can be used for the production of biofuels and value-added bioproducts. In this study, lipid and ethanol were produced from bioenergy sorghum syrups using engineered yeasts. Here, bioenergy sorghum was hydrothermally pretreated at 50% solids loading in a continuous reactor system and mechanically refined sequentially using a burr mill to improve biomass accessibility for hydrolysis. Fed-batch enzymatic hydrolysis was conducted with 50% w/v solids loading to achieve 230 g/L sugar concentration. Different strains of Rhodosporidium toruloides were used to ferment sugars into lipids, and the highest lipid yield of 9.2 g/L was observed. The lipid yield was improved to 19.0 g/l by implementing a two-stage culture where once the sugars were exhausted in the first stage, the yeast was introduced into fresh hydrolysate without adding nitrogen. For ethanol production, the engineered Saccharomyces cerevisiae SR8?ADH6 was utilized to coferment glucose and xylose. Additionally, the effects of nutrient media (YP, YNB/urea, and urea), cellulosic sugar concentration, and sulfite addition were investigated to optimize the ethanol yield from sorghum syrups. The optimal ethanol yield at 73.3% was obtained from the YNB/urea culture consisting of 34 g glucose/L and 17 g xylose/L.