Research on bio-based plasticizers for polylactic acid (PLA), an environmentally friendly and biodegradable polyester, has advanced due to the increasing focus on sustainable materials. The brittleness of PLA has presented challenges in film production, prompting researchers to blend it with natural plasticizers such as vegetable oils and citrate to enhance flexibility and processing ease while maintaining biodegradability and safety. This review summarizes recent findings from the past five years on bio-based plasticizers for PLA, highlighting their impact on the physical properties of PLA. Despite the high cost associated with bio-based plasticizers, their market is anticipated to expand owing to the environmental benefits they provide. Primary challenges involve the advancement of bio-based plasticizers with superior performance, broadening the range of available feedstock choices, and performing economic evaluations to enhance competitiveness. In the future, research will focus on formulating plasticizers that offer added advantages such as enhanced toughness, antimicrobial features, and reduced migration, in line with the industry's growing emphasis on sustainability.