Miscanthus is a tall perennial rhizomatous grass with C4 photosynthesis. Because of its high biomass yield, high carbohydrate and low ash content, high calorific value, remarkable environmental adaptability, high water and land use efficiency, and low fertilizer and pesticide requirements, it has become one of the most promising energy crops. Apart from energy uses, it can also be used as raw material for paper-making and for production of a variety of chemicals. Moreover, Miscanthus can also play an important role in environmental remediation and ecological improvement. It has been used to remedy polluted soil, improve the soil quality, and increase the biodiversity by providing habitat for animals and insects. However, its commercialization is still facing great challenge. More study is needed to further decrease its cultivation, harvesting, and processing costs. This editorial discusses opportunities and challenges of Miscanthus as an energy crop and in other applications.