As climate change intensifies and the need to reduce human-caused emissions becomes more urgent, transitioning to a bio-based economy is essential. This paper explores the diverse industrial applications of plant oils as sustainable alternatives to petroleum-based products, including their use in food, polymers, lubricants, surfactants, pesticides, emollients, and biofuels. This review delves into biosynthetic pathways, detailing the key enzymes and processes involved in the synthesis of triacylglycerol. It thoroughly discusses how genetic and metabolic engineering can not only increase oil yields but also modify fatty acid compositions to better meet industrial requirements. By understanding genetics and utilizing advanced biotechnologies, the oil content and quality of plant sources can be significantly enhanced, aligning with both sustainability goals and industrial demands. This paper provides a comprehensive overview of the current uses and genetic engineering of plant oil production, proposing innovative strategies such as utilizing oils from biomass or cultivating non-edible oil crops. These approaches aim to establish a sustainable industrial system, reduce reliance on fossil fuels, and promote the growth of an environmentally responsible bio-based economy. Additionally, the review highlights future directions, examining the economic implications and environmental benefits of adopting plant oils across various sectors and positioning them as pivotal to achieving an eco-friendly, bio-based economy.