The current research investigated the conversion of banana stem waste into cellulose nitrate, a potential bioplastic precursor. The research is of prime importance in terms of environmental pollution and sustainable development goals. The study aimed to isolate cellulose from banana stems, synthesize nitrocellulose, and assess its stability. Two different methods, that is, Method A, comprising HNO3 and H2SO4, and Method B, comprising HNO3 and P2O5, were applied to synthesize nitrocellulose, each using different acidic mixtures. Method A resulted in high nitrocellulose yield and higher nitrogen content but lower cellulose content. On the other hand, method B yielded nitrocellulose with a lower nitrogen content but higher cellulose content. It was found that composition of nitrating acid mixture, nitrating time, and ratio of nitrating acid–cellulose material influenced the yield and solubility of nitrocellulose. The highest yield of nitrocellulose was obtained using a 60:1 ratio of nitrating acid–cellulose material in method A and a 100:1 ratio of the same in method B after 90-min nitration time. It was also observed that nitrocellulose A was soluble in acetone and pyridine whereas nitrocellulose B was soluble in 1,4-dioxane, esters, and pyridine. Overall, the study demonstrated the feasibility of converting banana stem waste into a bioplastic precursor.