Chitin is one of the most valuable polysaccharides obtained from the wastes of crustaceans. The versatility of chitin is being utilized in various fields of technology such as in the food packaging, agriculture, cosmetics, biopharmaceutics, paper, biomedical, and textile industries, as well as in photographic products, heavy metal chelation, and sewage treatment. Chitin can be converted into many forms such as gels, beads, sponges, and films based on their intended usage and target application. Certain modifications have been made to the conventional methods to explore the new properties of chitin. Polymers produced from chitin are renewable, biodegradable, and economical, and release low carbon content. There are numerous challenges, as well as opportunities, involved in commercializing the biopolymers from chitin.