Conventional synthetic sorbents for oil spill removal are the most widely applied materials, although they are not the optimal choices from an economic and environmental point of view. The use of inexpensive, abundant, non-toxic, biodegradable, and reusable lignocellulosic materials might be an alternative to conventional sorbents, with obvious positive impact on sustainability and circular economy. The objective of this paper was to review reports on the use of natural-based adsorbing materials for the restoration of water bodies threatened by oil spills. The use of raw and modified natural sorbents as a restoration tool, their sorption capacity, along with the individual results in conditions that have been implemented, were examined in detail. Modification methods for improving the hydrophobicity of natural sorbents were also extensively highlighted. Furthermore, an attempt was made to assess the advantages and limitations of each natural sorbent since one material is unlikely to encompass all potential oil spill scenarios. Finally, an evaluation was conducted in order to outline an integrated approach based on the terms of material–environment–economy.