The emergence of bioplastics presents a promising solution to the environmental impact of the plastics industry. Biodegradable plastics are engineered to degrade in aquatic or soil environments. Biodegradable bioplastics can degrade in these conditions, according to sustainability standards, and have a low environmental impact. However, not all bioplastics are completely biodegradable, and some, like petrochemical-based plastics, may contribute to plastic pollution. In this comprehensive review, we identify the biodegradability of significant bioplastics, including polyhydroxyalkanoates (PHA), poly(lactic acid) (PLA), poly(butylene succinate) (PBS), and PBS-co-adipate (PBSA) in different environmental conditions given in the literature. Microbe-based bioplastics made from renewable materials like microalgae provide a sustainable alternative due to their high biodegradability compared to other bioplastics. However, we recognize concerns regarding the ecotoxicological impact of these alternatives on soil and aquatic organisms and recommend future research to observe the ecotoxicological behavior of biodegradation by-products.