Banana (Musa spp.) is a tropical fruit cultivated in over 130 countries, producing significant lignocellulosic biomass. However, much of the agro-industrial waste from banana plants is neglected, contributing to environmental pollution. Around 60 % of the plant's biomass is generated after fruit harvesting, representing an untapped resource. This review examines the potential of banana plant waste for developing biocomposite and biodegradable materials. It covers the extraction and modification of banana fibers for composites, with a focus on the fabrication of nano biocomposites using banana fibers as reinforcement and polysaccharides or proteins as matrices. The review also evaluates the biodegradability and environmental impact of these materials through Life Cycle Assessment studies. Future research directions include refining processing methods, improving fiber-matrix compatibility, and enhancing the durability of banana fiber composites for packaging applications.