Cotton stalk, a waste product in agriculture, serves as a beneficial, low-cost material as a medium for microbial synthesis of lactic acid as desired for polylactic acid synthesis. Cotton stalk was used as a substrate for microbial lactic acid synthesis, and a novel strain of Lactococcus cremoris was reported to synthesize 51.4 g/L lactic acid using cellulose recovered from the cotton stalk. In total, 18 Lactobacillus isolates were isolated from kitchen waste, soil, sugarcane waste, and raw milk samples screened for maximum lactic acid production. It was found that one of the Lactococcus cremoris isolates was found to synthesize maximum lactic acid at a concentration of 51.4 g/L lactic acid in the hydrolysate prepared from cotton stalk. The upstream process parameters included 10% inoculum size, hydrolysate containing reducing sugars 74.23 g/L, temperature 37 °C, agitation 220 rpm, production age 24 h. Only the racemic (50:50) mixture of D-LA and L-LA (i.e., D/L-LA) is produced during the chemical synthesis of lactic acid, which is undesirable for the food, beverage, pharmaceutical, and biomedical industries because only the L-form is digestible and is not suitable for biopolymer, i.e., PLA-based industry where high optically purified lactic acid is required. Furthermore, polylactic acid was synthesized through direct polycondensation methods using various catalysts such as chitosan, YSZ, and Sb2O3. PLA is biocompatible and biodegradable in nature (its blends and biocomposites), supporting a low-carbon and circular bioeconomy.