Recent years have seen rapid growth in utilizing vegetable oils to derive a wide variety of polymers to replace petroleum-based polymers for minimizing environmental impact. Nonedible castor oil (CO) can be extracted from castor plants that grow easily, even in an arid land. CO is a promising source for developing several polymers such as polyurethanes, polyesters, polyamides, and epoxy-polymers. Several synthesis routes have been developed, and distinct properties of polymers have been studied for industrial applications. Furthermore, fillers and fibers, including nanomaterials, have been incorporated in these polymers for enhancing their physical, thermal, and mechanical properties. This review highlights the development of CO-based polymers and their composites with attractive properties for industrial and biomedical applications. Recent advancements in CO-based polymers and their composites are presented along with a discussion on future opportunities for further developments in diverse applications.