Global environmental concerns, as well as the rapid depletion of non-renewable fossil fuel-based resources, have prompted research into the development of sustainable, environmentally friendly, and biodegradable materials for use in a variety of high-end applications. To mitigate the environmental setbacks caused by nonbiodegradable materials, the development of biocomposites with improved mechanical performance is gradually gaining momentum. Natural fibers such as hemp, flax, and sisal have been well incorporated into biocomposite development. Nonetheless, the impact of functional moieties in their life cycle cannot be underestimated. In this review paper, a detailed discussion of the characteristics and components of biocomposites is presented. The treatment of composite materials (alkali and acetylation), as well as several manufacturing processes (hand layup, 3D printing, extrusion, etc.) and the applications of biocomposites, which are not limited to the aerospace industry, packaging, biomedicine, etc., are presented. Biocomposites with excellent durability, performance, serviceability, and reliability must be produced to expand their applications.