Plastic waste accumulation in the environment has become a global issue. The search for alternative materials motivated the research on polyhydroxyalkanoates (PHAs), a biopolymer having properties similar to polypropylene. PHAs are biodegradable, biocompatible, and environment‐friendly thermoplastics, and therefore, a potential substitute for some nonbiodegradable commodity plastics. The favorable plastic‐like properties of PHA give rise to applications in various areas. PHAs are expensive compared to conventional plastics, but improved PHA biosynthesis has reduced the cost significantly. Current research is focused on utilization of low cost substrates, development of simple and cost‐effective extraction methods, and use of mixed microbial cultures and recombinant microbial strains in order to achieve economically feasible production of PHAs.This article provides background on PHAs, their properties, and biosynthesis. Large‐scale production, commercialization, application, and sustainability considerations are presented and discussed. Interesting features of PHAs and their role from an industrial ecology perspective are highlighted.