AbstractPlastic packaging materials have caused significant environmental issues because they are nonrenewable and nonbiodegradable. Wax‐emulsified films from biomaterials, on the other hand, are renewable and biodegradable, making them promising packaging alternatives. The development of bioactive wax‐emulsified films (BWEFs) with antimicrobial and antioxidant properties has been a topic of extensive research. In this review, we provide an overview of wax emulsification, BWEF processing, and applications. BWEF contains several bioactive agents such as tannins, flavonoids, phenolic acids, and carotenes. The addition of emulsified wax and active agents to films not only enhances their antimicrobial and antioxidant properties but also reduces their hydrophilicity. Other reagents have been added to BWEF partially to increase hydrophobicity and mainly to improve mechanical properties. BWEFs prolong food shelf life, monitor wound healing, and control drug delivery. We have identified some research challenges that need to be solved to make BWEFs industrially attractive.