This study was conducted as a first step in order to obtain green materials for food packaging by using an eco-friendly bioplastic, polylactic acid (PLA), and nontoxic plasticizers. Different types of nontoxic biocompatible plasticizers/lubricants, both obtained in the laboratory, as well as commercial ones, were employed to modulate physical and mechanical properties of PLA. Melt compounding by means of a Brabender mixer led to obtaining of homogeneous materials. The incorporation of PLA oligomer, L-lactide, poly(ethylene glycol), and epoxidized soybean oil (USE) improved the melt flow and processability, increasing the hydrophilicity of the resulted plasticized PLA systems. USE significantly increased the elongation at break, reduced the glass transition temperature, and increased the PLA chain mobility.