Biofuels and biolubricants are renewable and biodegradable. These vegetable-based fuels and lubricants have been thoroughly studied in Europe, Asia and America for their fuel and lubrication properties. So far, the biofuels have been found suitable as a diesel substitute. However, engines running on biofuels show some drawbacks in creating performance criteria such as power output and combustion characteristics. To make biofuels more competitive, additives are used. Biolubricants can perform equally well if not better than petroleum lubricants. Additives play a crucial role in their performance. This paper reviews some of the work done on additives for enhancement of petroleum fuel and lubricant, biofuel and biolubricant properties.