Gasification technology is often seen as a synonym for the clean and efficient processing of solid fuels into combustible gas containing mainly carbon monoxide and hydrogen, the two basic components of synthesis gas. First and foremost, the facts that gas may be cleaned and that a mixture with any composition may be prepared in a relatively easy and inexpensive manner influence the possibility of using gas produced in the energy and chemical industries. In the energy industry, gas may be used directly to generate heat and electricity in the systems of a steam power plant or in combined cycle systems. It is also possible to effectively separate CO2 from the system. However, in chemistry, synthesis gas may be used to produce hydrogen, methanol, synthetic gasolines, and other chemical products. The raw material for gasification is full-quality pulverized coal, but a possibility of processing low-quality sludges, combustible fractions separated from municipal waste as well as industrial waste also exists. Despite such a wide application of technology and undoubted advantages thereof, making investment decisions is still subject to high uncertainty. The paper presents the main technological applications of gasification and analyzes the economic effectiveness thereof. In this context, significant challanges for the industrial implementation of this technology are discussed.