The 21st century is witnessing a paradigm shift in material science and industry due to the increasing environmental concerns associated with traditional petrochemical plastics. This shift has propelled the exploration and development of sustainable alternatives, among which bio-based polymers have emerged as promising contenders. This paper embarks on a comprehensive exploration of the development of sustainable bio-based polymers as alternatives to petrochemical plastics, elucidating their production methods, distinctive properties, diverse applications, and environmental ramifications. The contemporary ubiquity of petrochemical plastics has been accompanied by a myriad of environmental concerns, ranging from resource depletion and greenhouse gas emissions to the pervasive issue of plastic pollution. The exponential growth in plastic production and consumption has led to the accumulation of plastic waste in terrestrial and marine ecosystems, posing significant threats to biodiversity and human health. Thus, the imperative for sustainable alternatives has become increasingly urgent. Bio-based polymers, derived from renewable biological sources, offer a compelling solution to mitigate the adverse environmental impacts associated with petrochemical plastics. The paper navigates through various sources of bio-based polymers, including plant-based materials, microbial sources, and valorization of waste streams. Each source presents distinct advantages and challenges, shaping the landscape of bio-based polymer research and development. Production methods of bio-based polymers encompass a diverse array of techniques, including biomass conversion, fermentation processes, chemical synthesis, and incorporation of biodegradable additives. Understanding these methods is crucial for optimizing polymer properties and scalability while minimizing environmental footprints. Properties and applications of bio-based polymers span a broad spectrum, from mechanical and thermal properties to barrier properties crucial for packaging applications. The versatility of bio-based polymers extends beyond packaging to textiles, automotive components, biomedical devices, and more, underpinning their potential to revolutionize diverse industries. Yet, the adoption of bio-based polymers is not devoid of challenges. Technological hurdles, economic viability, regulatory frameworks, and consumer acceptance represent key obstacles that must be addressed to accelerate the transition towards bio-based plastics. Moreover, a comprehensive assessment of the environmental implications and sustainability metrics is indispensable to ensure that bio-based polymers fulfill their promise as truly sustainable alternatives. This paper serves as a roadmap for navigating the complex terrain of sustainable bio-based polymers, offering insights into their development, applications, and environmental implications. By elucidating the opportunities and challenges inherent in the transition towards bio-based plastics, this paper contributes to the ongoing discourse on combating plastic pollution and fostering a more sustainable future for generations to come.