Nowadays, the use of non-edible vegetable oils as the raw material for polymer development is growing in interest because of the scarcity and high demand for crude oil and also because of its eco-friendly approach. The utilization of non-edible oil to synthesize the applicable polymers reduces the usage of petrochemicals. To eliminate the reliance on petrochemicals, it is important to search for and extract alternate and domestic non-edible oils suitable for the synthesis of polymeric materials. This is now a promising research approach. The outstanding feature of indigenous, non-edible Madhuca indica oil (MO) is its chemical structure, with unsaturated sites and esters that are considerable ingredient polyols for the development of polymers. This review discusses the origin, structure and extraction of MO and systematically focuses on the recently developed polymers using oil as a renewable source of polyols. We have briefly reviewed MO-based polymeric materials such as alkyd resins like pentaalkyds for scratch resistance, glycerol alkyds for fly-ash coating, pentalkyd LC resins for display coating applications and epoxies of MO for biological coating materials. Also, the important polyurethanes in the pathways of MO-based fatty amide are transformed into the polyetherimide polyols through a step-growth reaction with bisphenol-A or bisphenol derivatives, which again react with isocyanates to produce MO-based PU for excellent adhesion and coating applications. Another type of waterborne polyurethane is made from polyesteramides. These PU coatings are used in the paint and pigment industries. We reviewed their synthesis and widespread use in coatings and composites.