Marine sources are gaining popularity and attention as novel materials for manufacturing biopolymers such as proteins and polysaccharides. Due to their biocompatibility, biodegradability, and non-toxicity features, these biopolymers have been claimed to be beneficial in the development of food packaging materials. Several studies have thoroughly researched the extraction, isolation, and latent use of marine biopolymers in the fabrication of environmentally acceptable packaging. Thus, a review was designed to provide an overview of (a) the chemical composition, unique properties, and extraction methods of marine biopolymers; (b) the application of marine biopolymers in film and coating development for improved shelf-life of packaged foods; (c) production flaws and proposed solutions for better isolation of marine biopolymers; (d) methods of preparation of edible films and coatings from marine biopolymers; and (e) safety aspects. According to our review, these biopolymers would make a significant component of a biodegradable food packaging system, reducing the amount of plastic packaging used and resulting in considerable environmental and economic benefits.