Development of efficient resource utilization and waste management strategies is highly required to meet ever increasing huge demand and consumption and to avoid reliance on fossil-based sources. Recently, the concept of circular economy has gained more attentions so as to achieve the core sustainable development goals. This study presented initial steps towards total valorisation of biomass with integrated biorefinery approach and the concept of circular economy. Industrial hemp residue (IHR) and spent mushroom substrate (SMS) were considered as a case study in the current research. Different pretreatment methods were employed to hydrolyse individual and/or various mix ratios of IHR and SMS. Finally, analysis of the raw materials, hydrolysates, and residual solids were undergone to gain some insights, identify key research gaps, and forward for future optimization of the process. The results showed that SMS was noticeably more degradable than IHR and co-hydrolysis of mixture of these substrates have provided considerable advantages.