Polylactic acid (PLA) is a biobased, biodegradable, non-toxic polymer widely considered for replacing traditional petroleum-based polymer materials. Being a semi-crystalline material, PLA has great potential in many fields, such as medical implants, drug delivery systems, etc. However, the slow crystallization rate of PLA limited the application and efficient fabrication of highly crystallized PLA products. This review paper investigated and summarized the influence of formulation, compounding, and processing on PLA's crystallization behaviors and mechanical performances. The paper reviewed the literature from different studies regarding the impact of these factors on critical crystallization parameters, such as the degree of crystallinity, crystallization rate, crystalline morphology, and mechanical properties, such as tensile strength, modulus, elongation, and impact resistance. Understanding the impact of the factors on crystallization and mechanical properties is critical for PLA processing technology innovations to meet the requirements of various applications of PLA.