Petroleum-based polymers pose significant environmental challenges; this prompts researchers to seek alternatives for the same. The foremost solution to replace petroleum-based packaging lies in bio-based polymers that can degrade with water, soil, and the environment. The most common and economical bio-based polymer today is polyvinyl alcohol (PVA), however, it has certain limitations such as brittleness, hydrophilic nature, etc. The primary objective of this study is to enhance the flexibility, transparency, barrier properties, and thermal stability of PVA by incorporating glycerol as a plasticizer. In this regard, thin films were prepared by utilizing a solution-casting technique (blade coating) upon the addition of numerous concentrations of glycerol ranging from 1 to 5 wt%. Here two sets of thin films were prepared i.e., with glycerol (modified) and without glycerol (pure PVA). Results suggest exceptional mechanical flexibility and enhanced optical properties in terms of improved transmittance (>90%) upon incorporation of glycerol into PVA. The modified films also demonstrated a significant increase in their water barrier capabilities in comparison to pure PVA films. When the concentration of glycerol reached to 5 wt%, a substantial increase in biodegradability and flexibility was witnessed resulting in reduced brittleness. Thus, the mechanical properties of the modified thin films exceeded that of pure PVA counterparts. The prepared thin films unveil exciting possibilities to be used in diverse applications; such as food packaging, membranes, biodegradable materials, etc,. The extensive discussion is presented in the light of observed results.