Plastic needs have expanded along with population growth, industrialization, and urbanization. Plastic is unrivaled due to its useful properties and is used to prepare numerous important goods daily. This paper encloses the different kinds and applications of petroleum-based plastic and the drawbacks related to their use, i.e., its nonbiodegradability which leads to their stay in the environment for a very long time. Additionally, there are not enough effective disposal techniques for the large volume of plastic waste produced; thus, plastic garbage builds up in the environment and endangers it. Limiting the usage of plastic is necessary to protect the environment. This can be done with the help of bioplastic, which is an excellent substitute for plastic. The different kinds of bioplastic and their biodegradability in different mediums, viz., soil compost and aquatic systems, are addressed in this paper. Along this, the different areas of application of bioplastic have been explored. The present study also addresses the underlying mechanism of plastic polymerization and biodegradation and the current status of bioplastics in the global market.