Polylactic acid (PLA) is known as one of the greatest promising bioabsorbable and compostable polyesters with the capability of high molecular weight synthesis. Lactic acid condensation, azeotropic dehydration, and condensation ring‐open polymerize of lactide are three methods for PLA polymerization. Comprehension of material properties is critical for choosing the right processing method and adjusting PLA characteristics. A variety of mechanical properties of this material, from soft and elastic to stiff and high strength makes PLA suitable for a wide range of applications. Besides, PLA can be blended or copolymerized with other polymeric or non‐polymeric substances. Thus, this polymer can achieve suitable chemical, mechanical, and rheological properties. Understanding the role of these properties and selecting a suitable processing technique is necessary for its intended consumer and various applications. This study elaborated a general summary of the polymerization, processing, and characteristics of PLA (i.e., structural diversities, rheological performances, mechanical properties, and permeability). Besides, this work presented some information regarding essential factors that can be used for modifying PLA properties to address the requirements for various applications such as biomedical, food packing, biocomposite, and additive manufacturing.