Beer is the most popular alcoholic beverage in the world, and its popularity is continuously growing. Currently, global beer production is estimated at around 2 billion hectoliters. Nevertheless, the increasing production capacity implicates the rising issue of generated by-products—brewers’ spent grain, spent hops, spent yeast, and wastewater. They are generated in massive amounts, so having in mind the current pro-ecological trends, it is crucial to look for their utilization methods. Among the possibilities, particular attention should be drawn to polymer technology. This sector can efficiently use different lignocellulosic materials, which could be applied as fillers for polymer composites or sources of particular chemical compounds. Moreover, due to their chemical composition, brewing industry by-products may be used as functional fillers and additives. They could be introduced to enhance the materials’ resistance to oxidation, microbes, or fungi. These issues should be considered especially important in the case of biodegradable polymers, whose popularity is growing over the last years. This paper summarizes the literature reports related to the composition and potential applications of the brewing industry by-products in polymer technology. Moreover, potential directions of research based on the possibilities offered by the brewing industry by-products are presented.