Biodegradable biobased polymers derived from biomass (such as plant, animal, marine, or forestry material) show promise in replacing conventional petrochemical polymers. Research and development have been conducted for decades on potential biodegradable biobased polymers such as polylactic acid (PLA), polyhydroxyalkanoates (PHAs), and succinate polymers. These materials have been evaluated for practicality, cost, and production capabilities as limiting factors in commercialization; however, challenges, such as the environmental limitations on the biodegradation rates for biodegradable biobased polymer, need to be addressed. This review provides a history and overview of the current development in the synthesis process and properties of biodegradable biobased polymers, along with a techno-commercial analysis and discussion on the environmental impacts of biodegradable biobased polymers. Specifically, the techno-commercial analysis focuses on the commercial potential, financial assessment, and life-cycle assessment of these materials, as well as government initiatives to facilitate the transition towards biodegradable biobased polymers. Lastly, the environmental assessment focuses on the current challenges with biodegradation and methods of improving the recycling process and reusability of biodegradable biobased polymers.