The progressive transition from conventional structural designs to lightweight and more complex structures has led to the increase in the quantity of plastic materials in buildings. However, plastics have a major flaw: their low fire performance characterised by shorter ignition times and higher heat release rates. This has necessitated the incorporation of flame retardants (FRs) in plastics. Nevertheless, not all FRs are environmentally safe, hence, there is an urgent need for the development of sustainable biobased FRs that reduce environmental footprints while simultaneously improving the fire performance of plastics. This article addresses the negative connotation of FRs and reviews the most extensively used biobased FRs in plastics, their preparation (synthesis) and mode of application, performance evaluation as well as the leaching of FRs, and environmental fate. Some interesting observations in the review are the reduction of ignition times of plastics by the addition of FRs due to the rapid volatilisation of samples. In addition, the leaching rate of FRs is found to be higher in finer particles (micro and nanoparticles) compared to larger-sized ones and has the potential to dissolve in humic matter hence endangering the lives of humans and animals.