This review discusses the development and applications of bioconjugates derived from natural hydroxycinnamic acids (HCA), such as coumaric, sinapic, ferulic, and caffeic acids, combined with various biomaterials. These bioconjugates offer a range of benefits including antioxidant properties, UV protection, customized hydrophilic–lipophilic balance, improved safety, solubility, emolliency, biocompatibility, biodegradability, and targeted delivery for biomedical, cosmetic, and food applications. The increasing demand for natural products in the biomedical, cosmetic, and food industries has led to the exploration of these hydroxycinnamic acids and their derivatives. We discuss the synthesis and modification of hydroxycinnamic acids with biomaterials such as ω-hydroxy fatty acids, castor and lesquerella oils, glycerol, isosorbides, and synthetic polyethylene glycol to form functional phenolipids for biomedical, sunscreen, and skincare applications. Encapsulation techniques with β-cyclodextrins and modification of polymeric supports like polysaccharides and starch are discussed for enhancing bioavailability and solubility and targeted delivery. The fine-tuned development of bioconjugates from hydroxycinnamic acids using glycerol to modify the hydrophilic–lipophilic balance, substitution by water-soluble carboxylic acid groups, vegetable oil-based phenolipids, polysaccharides, and PEGylation provide enhanced dual functionalities and offer a promising avenue for creating effective products across various applications.