The environmental impact associated with fossil fuel-based polymers has paved the way to explore biopolymer-based plastics, their properties, and their applications. Bioplastics are polymeric materials that are greatly interesting due to their eco-friendlier and non-toxic nature. In recent years, exploring the different sources of bioplastics and their applications has become one of the active research areas. Biopolymer-based plastics have applications in food packaging, pharmaceuticals, electronics, agricultural, automotive and cosmetic sectors. Bioplastics are considered safe, but there are several economic and legal challenges to implementing them. Hence, this review aims to i) outline the terminology associated with bioplastics, its global market, major sources, types and properties of bioplastics, ii) discuss the major bioplastic waste management and recovery options, iii) provide the major standards and certifications regarding bioplastics, iv) explore the various country-wise regulations and restrictions associated with bioplastics, and v) enumerate the various challenges and limitations associated with bioplastics and future directions. Therefore, providing adequate knowledge about various bioplastics, their properties and regulatory aspects can be of great importance in the industrialization, commercialization and globalization of bioplastics to replace petroleum-based products.