Future biorefineries should valorize all components of feedstock, and that includes bark, which constitutes at least 10 wt % of the biomass. Whereas the wood part of lignocellulosic biomass is mainly composed of cellulose, hemicellulose, and lignin, bark also contains suberin and tannin, as well as higher contents of ashes and extractives. Therefore, the valorization of bark shows unique opportunities, but its fractionation is more complicated than wood. However, given that it has only a heating value, bark can be a promising feedstock to turn future biorefineries more economically competitive and sustainable. After a brief discussion on bark's versatile composition, this perspective embraces a survey of different bark fractionation approaches to get useful products. State-of-the-art catalytic upgrading and valorization of bark to different fractions and products are presented. We hope that this perspective will inspire more researchers to consider bark and valorizing its fractions, preferably using catalysis, despite the challenges, disruptively advancing the field.