Because petroleum-based plastics are not biodegradable, as well as the energy they require in their production, the rising plastic substantially contributes to the depletion of the environment. In contrast to synthetic plastics, polyhydroxyalkanoates (PHAs) are sustainable and eco-friendly bioplastics. A variety of microorganisms, such as fungi, bacteria, and algae, can be used to entirely synthesize PHAs. Enhanced biodegradability, biocompatibility, as well as other mechano-chemical properties are some of the promising properties of value-added biopolymers. It was also shown that PHA polymers have different properties depending on their chemical composition (units of monomer) and substrates. As an alternative to petroleum-based polymers, PHAs have great promise and need further study to determine how to economically produce and utilize them. Various applications of microbially synthesized PHAs are described in the review. Several microbial groups have also been shown to synthesize these biopolymers by genetic regulation. Also revealed in this review are the potential biomedical, environmental, and industrial applications of this biopolymer.