Polymers obtained from renewable sources are gaining popularity over their petroleum based counter parts in recent years due to their capability to address the environmental pollution related concerns emanating from the widespread usage of synthetic polymers. Even though the polymers from renewable sources are attractive in an environmental point of view, some of the property limitations and the high cost of these materials pose limitations for their extensive commercial applications. These aspects opened the door for a large chunk of research activities in development of polyblends and composites containing polymers from renewable sources as one of the components. Poly (lactic acid) (PLA) is one of the most discussed and commercialized polymer originated from renewable resources. Even though it has many useful properties, certain disadvantages like high brittleness, low impact resistance etc. limit the wide spread commercialization of PLA. In this review article, the recent research activities which are aimed to fill this gap by various modifications of PLA are discussed with special emphasis on the latest research advancements in the field of biodegradable and non biodegradable systems containing PLA.