The valorization of lignin into biopolymers and other high-value products development is the most promising technology for sustainable development. This technology has gain importance for the development of kind of different biopolymers such as epoxies, polyesters, polyurethanes, phenol resins, polyhydroxyalkanoates, poly(lactic acids), and other useful biopolymers. However, lignin recalcitrance remains a potential problem for efficient lignin valorization, and therefore, several efforts have been made to develop high-efficiency bioprocesses for the synthesis of target polymer types, and other useful bioproducts. A comprehensive insight into lignin structure and properties will aid to understand the catalytic and metabolic deconstructive pathways for the efficient valorization of lignin. Due to the presence of multifunctional properties of lignin for the development of kinds of different biobased polymers, the review aims to highlight the biosynthesis and structure, potentialities of lignin and lignin-derivatives on polymers development, and future trends with outlook in lignin valorization have been systematically summarized.