Plastic is the most important component of our society because of its beneficial aspects. Synthetic plastic is used in almost every field of life because of its low cost, stiffness, quality maintenance, strength and barrier against oxygen and moisture. But synthetic plastic is nonbiodegradable and leads to waste accumulation in the environment after its use. The issue of nonbiodegradability and nonrenewability of synthetic plastics is solved by developing bioplastics. Bioplastics are obtained from different renewable sources/biomass. To overcome the cost of bioplastic production, cheap or waste raw materials should be used. For this purpose, different types of oils are used as carbon source along with microbial strains for the production of bioplastics. About 4% of the oils are used for the production of bioplastics each year worldwide. Natural oils (extracted from plants and animals) are used as renewable carbon source for the production of bioplastics. Waste cooking oil (WCO), animal fats, and plant oil mill effluents are also used as carbon sources for the production of bioplastics. Different genetic approaches are used for the improvement of bioplastic production. Bioplastics produced from waste cooking oil have positive impact on environment and in the field of health and medicine. Economic and environmental assessment, sensitivity analysis, and multiobjective optimization techniques are used for the assessment of bioplastic synthesis from oils.