Abstract Thermoplastic elastomers (TPEs) are based on a combination of the properties of plastic and elastomers, such as elasticity and processability. Although TPEs are known to be recyclable and reprocessible, their environmental impact remains a concern. To address this issue, researchers have focused on developing sustainable and environmentally friendly TPEs, synthesized from renewable bio‐based sources and capable of decomposing at the end of their lifecycle. Various approaches have been introduced to substitute conventional fossil‐based elastomers; however, limitations still exist in terms of mechanical properties, elastic recovery, cost‐effectiveness and degradability. In this perspective, previous distinguished related studies are discussed to provide valuable insights and guidance for the development of a novel sustainable TPE in the future.