Plastics are ubiquitous in many sectors including, but not limited to, construction, textiles, electronics and transportation. The immoderate use of single-use plastics has wreaked havoc on society. The intensifying environmental pollution and waste accumulation have driven the scientific communities and industries to shift their focus on biodegradable materials. An ecofriendly and sustainable economic system demands proper usage of raw materials and substitution of fossil fuel-based resources with renewable materials. Of late, bio-based constituents have attracted considerable attention from the public in view of ecological safety and economic interests. Bio-based sources are cost-effective, reusable, sustainable, clean and reduce the ecological footprint. Biopolymers can be derived from biomass (polysaccharides, proteins, lipids), bio-derived substances (polylactate) or from microorganisms (PHB, PHA, Xanthum gum). The commonly used polysaccharides include starch, cellulose, gums and chitosan. However, the hydrophilic nature of most of the polysaccharides affects the physical and mechanical properties and is not on par with the synthetic plastics that are generally used. In order to expand the applications of biodegradable polymers in various sectors, it is imperative to address the challenges associated with gas permeability, processing method, thermal stability etc. Various physical and chemical modification methods are employed to overcome these limitations. Creating awareness among the public and encouraging them to use renewable sources is important. There is a strong need to develop innovative biodegradable products and promote them by fostering collaboration among entrepreneurs, researchers and the government. This paper provides an overview of the biodegradable materials that can be produced from different sources such as vegetable and fruit waste, cereals and pulses waste, seaweeds, animal waste, wood waste, traditional sources and aims to address the current limitations and indicate the future directions.