Laminated bamboo and bamboo scrimber are value-added engineered forms of bamboo produced in standard shape and size, with better physical and mechanical characteristics that make them highly attractive for structural applications. Other than engineered bamboo, bamboo as a reinforcement can be used to replace steel bars in concrete structures. The present study summarizes the progress in research work carried out for establishing bamboo as a sustainable construction material covering the different aspects, namely, the processing of bamboo, physical and mechanical properties, and fire performance of bamboo-based structural elements. The chemical and thermal treatment of bamboo, along with the optimization of various processing parameters, significantly influence the physical and mechanical behaviour of engineered bamboo elements. Bamboo scrimber is having better mechanical properties as compared with laminated bamboo elements. Bamboo undergoes a pyrolysis process above 150 °C and losses mass and strength at elevated temperatures. The charring rate for bamboo scrimber is lower than the laminated bamboo, and the use of fire-retardant coating materials is highly significant in controlling the heat release rate and suppressing the release of toxic gases. Bamboo reinforcement of around 4% is an optimum value to control the cracking and enhance the strength and toughness of the concrete matrix. The use of water replant coatings, and mechanical anchorage are recommended to enhance the bond strength of bamboo reinforcement and cement matrix. Bamboo-reinforced concrete (BRC) elements coated with the fire-protective compound can withstand higher temperatures (500 °C or more) without concrete spalling. BRC panels are highly suitable for constructing lightweight and cost-efficient walling systems. This review work illustrates the potential of engineered bamboo and BRC elements to meet the growing demand for low-cost housing.