Environmental sustainability is driving an intense search for “green materials”. Biobased plastics have emerged as a promising alternative. Their building blocks can now be obtained from diverse biomass, by-products, and organic residues due to the advances in biorefineries and bioprocessing technologies, decreasing the demand for fossil fuel resources and carbon footprint. Novel biobased polymers with high added value and improved properties and functionalities have been developed to apply diverse economic sectors. However, the real opportunities and risks of such novel biobased plastic solutions have raised scientific and public awareness. This paper provides a critical review on the recent advances in biobased polymers chemistry and emerging (bio)technologies that underpin their production and discusses the potential for biodegradation, recycling, environmental safety, and toxicity of these biobased solutions.