Amid the search for alternatives to petrochemical‐based polymers and growing concern for environmental sustainability, natural polymers have gained significant attention. These polymers have potential applications in household appliances to advanced energy systems and offer a way to address the depletion and sustainability challenges associated with synthetic polymers. One such natural source of polymer is natural rubber (NR), which has been developed as a highly performing material in electrodes and electrolytes. Nowadays, researchers are more interested in NR due to its sustainability, affordability, elastomeric properties, and low glass transition temperature. This article presents a comprehensive exploration of NR characteristics, delving into its elasticity, glass transition temperature, and an extensive evaluation of its potential as a hydrogel electrolyte. Furthermore, this investigation showcases NR's capability to mitigate potential long‐term consequences of synthetic materials. Given NR's inherent insulating nature, a meticulous analysis of the interplay between NR composites and their electrical properties within electrodes is prompted. This article provides a review of past research, growth and development, and prospects of NR and its derivatives as in applications including electrochemical energy storage, energy harvesting, wastewater treatment, and slow‐release fertilizers. Moreover, the study briefly underscores the importance of NR while acknowledging its limitations.