For many decades, global efforts have been attempted to replace the petrochemical plastics with biodegradable and environment friendly plastics. The petrochemical plastics that require many years to decompose have profound consequences on the environment. A natural, biodegradable, and plastic‐like polymer, polyhydroxyalkanoate (PHA), has been extracted from and synthesized by microbes, particularly bacteria. However, the prospective large‐scale production of PHA faced an economic bottleneck for less production costs. Research has thus shifted to one of the most common alternatives, which is the utilization of less costly raw materials or carbon sources that include industrial by‐products and wastes, such as glycerine pitch and glycerol. This review elucidates the discovery, basic mechanisms, and applications of PHA, as well as provides insights regarding the importance of PHA conversion from glycerine pitch and glycerol. This review also summarizes some possible future modifications to improve the efficiency of glycerine pitch and glycerol as carbon sources in PHA production. The conversion endeavors of wastes to a valuable product, PHA, that not only reduces petrochemical plastic pollution, waste generation, and PHA production costs but also supports economic and resource sustainability, which ultimately further progress towards the cradle‐to‐cradle design and circular bioeconomy concept.