A large portion of food is lost due to the damage caused by different environmental factors such as moisture, oxidation, irradiation, microbial contamination, and others. Thus, food should be protected from such damages by developing strategies, such as packaging, to enhance its quality, stability, and shelf-life. The usage of conventional petroleum-based packaging materials is a great risk to health and environmental safety. In contrast, the utilization of biobased films and coatings for food packaging applications could be a safe approach, both from human health and environmental perspective. This review briefly overviews the desired properties of biobased packaging materials. It mainly discusses the potential of different natural (polysaccharides, lipids, and proteins) and synthetic polymers for their film and coating-forming abilities considering their abundance, biological properties (biocompatible, biodegradable, non-toxic), and morphological and physiological features. It also discusses the role of different additives and nanomaterials for their potential to impart additional structural and functional properties to packaging materials.