Consumer trends towards environmentally friendly products are driving plastics industries to investigate more benign alternatives to petroleum-based polymers. In the case of adhesives, one possibility to achieve sustainable production is to use non-toxic, low-cost starches as biodegradable raw materials for adhesive production. While native starch contains only hydroxyl groups and has limited scope, chemically modified starch shows superior water resistance properties for adhesive applications. Esterified starches, starches with ester substituents, can be feasibly produced and utilized to prepare bio-based adhesives with improved water resistance. Syntheses of esterified starch materials can involve esterification, transesterification, alkylation, acetylation, succinylation, or enzymatic reactions. The main focus of this review is on the production of esterified starches and their utilization in adhesive applications (for paper, plywood, wood composites, fiberboard, and particleboard). The latter part of this review discusses other processes (etherification, crosslinking, grafting, oxidation, or utilizing biobased coupling agents) to prepare modified starches that can be further applied in adhesive production. Further discussion on the characteristics of modified starch materials and required processing methods for adhesive production is also included.