An overview of bionanocomposites of polybenzoxazine, which is a highly promising material, is presented in this review paper along with an update on the current developments in this material. With an enormous range of applications, polybenzoxazines are emerging as a latest set of phenolic resins. Its favorable features make it an excellent replacement for many current polymers due to its simplicity in structure design, synthetic process, and polymerization reactions. Problematic aspects of petro‐based raw materials are their nonrenewable nature, toxicity, and rising expense. Hence, the advent of sustainable benzoxazines is promising since it enables the synthesis of monomers without the need for solvents and the processing of these monomers to create extremely thermally stable thermoset resins. This is particularly true when the monomer is derived from naturally occurring, agro‐waste cardanol. A platform for additional structural alterations to expand the uses of cardanol benzoxazine in adhesives, composites, and energy storage devices is provided by its intrinsic properties. There are numerous articles are available for biobased polybenzoxazine, and hence, the focus of the present review is dedicated to (1) nanomaterails loaded bio‐based polybenzoxazines, and (2) bio‐derived nanomaterials loaded polybenzoxazines.