With increasing environmental concerns and the depletion of petroleum resources, the development of lubricant additives from bioresources has attracted much attention recently. In this review, we reported a few polymers and polymer composites that are synthesized from vegetable oils (soybean oil, sunflower oil, rice bran oil, and castor oil) and used as multifunctional additives in the formulation of eco-friendly lubricant compositions. We mentioned the preparation of vegetable oil-based homo- and copolymers and their characterization by different spectral techniques (FTIR/NMR). The average molecular weights of the polymers are determined by gel permeation chromatography (GPC). Performance evaluations of the polymeric materials mainly as a viscosity index improver (VII), pour point depressant (PPD), and most importantly antifriction additives when blended with lubricating base oils are indicated. Standard ASTM methods have been applied to evaluate their performances. The findings have shown that all the additives discussed are non-toxic, biodegradable, and showed excellent performances compared to commercial petroleum-based additives.