Laser‐Induced Graphene (LIG) is a 3D, conductive, porous material with a high surface area, produced by laser irradiation of synthetic polymers with high thermal stability. Recently, the focus has shifted toward sustainable bioderived and biodegradable precursors, such as lignocellulosic materials. Despite starch being an abundant and cost‐effective biopolymer, direct laser scribing on starch‐derived precursors has not yet been explored. This study demonstrates that corn starch bioplastic (SP) can be converted into LIG through iron‐catalyzed laser‐induced pyrolysis, using Fe(NO₃)₃ as an additive. The impact of iron additive concentration on LIG formation and on its properties is investigated, with only certain concentrations yielding reliable and reproducible results. The investigation of LIG's crystal structure reveals magnetic and non‐magnetic iron phases: γ‐Fe₂O₃, Fe₃C, and Fe(C). The LIG nanocomposite exhibits soft magnetic properties, with a coercive field of Hc ≈ 200 Oe and a saturation magnetization of Ms ≈ 67 emu g⁻¹. The SP substrate degrades almost entirely in soil within 12 days and is unaffected by the addition of Fe(NO₃)₃, allowing for material compostability in line with circular economy principles. Consequently, SP stands out as a promising “green” precursor for magnetic LIG, paving the way for sustainable applications in environmental remediation.