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The article considers the main tendencies of development of alternative liquid fuels used in aviation, land transport, and for the needs of power generation sector. An overview of the main constraints to the development of alternative fuel technologies in these technical areas was carried out. The main groups of the most promising components and fuel compositions capable of effectively replacing conventional liquid fuels have been generalized. The basic criteria for evaluating alternative fuels are formulated. Environmental indicators of fuel combustion are of paramount importance for aviation. Rheological characteristics, calorific value, and environmental friendliness are critical for land transport engines. The effectiveness of alternative fuels for the power generation sector needs to be assessed in terms of such factors as economic, environmental, rheological, and energy to find an optimal balanced formulation. The list of potential components of alternative liquid fuels is extremely large. For a comprehensive analysis of the efficiency and selection of the optimal composition of the fuel that meets specific requirements, it is necessary to use multicriteria evaluation methods.