The synthesis of conventional plastics has increased tremendously in the last decades due to rapid industrialization, population growth, and advancement in the use of modern technologies. However, overuse of these fossil fuel-based plastics has resulted in serious environmental and health hazards by causing pollution, global warming, etc. Therefore, the use of microalgae as a feedstock is a promising, green, and sustainable approach for the production of biobased plastics. Various biopolymers, such as polyhydroxybutyrate, polyurethane, polylactic acid, cellulose-based polymers, starch-based polymers, and protein-based polymers, can be produced from different strains of microalgae under varying culture conditions. Different techniques, including genetic engineering, metabolic engineering, the use of photobioreactors, response surface methodology, and artificial intelligence, are used to alter and improve microalgae stocks for the commercial synthesis of bioplastics at lower costs. In comparison to conventional plastics, these biobased plastics are biodegradable, biocompatible, recyclable, non-toxic, eco-friendly, and sustainable, with robust mechanical and thermoplastic properties. In addition, the bioplastics are suitable for a plethora of applications in the agriculture, construction, healthcare, electrical and electronics, and packaging industries. Thus, this review focuses on techniques for the production of biopolymers and bioplastics from microalgae. In addition, it discusses innovative and efficient strategies for large-scale bioplastic production while also providing insights into the life cycle assessment, end-of-life, and applications of bioplastics. Furthermore, some challenges affecting industrial scale bioplastics production and recommendations for future research are provided.