Today, 98% of all plastics are fossil-based and non-biodegradable, and globally, only 9% are recycled. Microplastic and nanoplastic pollution is just beginning to be understood. As the global demand for sustainable alternatives to conventional plastics continues to rise, biobased and biodegradable plastics have emerged as a promising solution. This review article delves into the pivotal concept of carbon recycling as a pathway towards achieving a zero-waste future through the production and utilization of high-value bioplastics. The review comprehensively explores the current state of bioplastics (biobased and/or biodegradable materials), emphasizing the importance of carbon-neutral and circular approaches in their lifecycle. Today, bioplastics are chiefly used in low-value applications, such as packaging and single-use items. This article sheds light on value-added applications, like longer-lasting components and products, and demanding properties, for which bioplastics are increasingly being deployed. Based on the waste hierarchy paradigm—reduce, reuse, recycle—different use cases and end-of-life scenarios for materials will be described, including technological options for recycling, from mechanical to chemical methods. A special emphasis on common bioplastics—TPS, PLA, PHAs—as well as a discussion of composites, is provided. While it is acknowledged that the current plastics (waste) crisis stems largely from mismanagement, it needs to be stated that a radical solution must come from the core material side, including the intrinsic properties of the polymers and their formulations. The manner in which the cascaded use of bioplastics, labeling, legislation, recycling technologies, and consumer awareness can contribute to a zero-waste future for plastics is the core topics of this article.