Nowadays, researchers are mainly focusing on the fabrication of innovative biodegradable packaging materials. Since these materials are environmentally friendly, unlike petroleum-based plastics, starch forms one such economical biodegradable polymer. The granules of starch and their integral crystals are broken down into thermoplastic material with the excellent flowing capability to make a packaging material. Thermoformable starch is made from starch containing a higher concentration of amylose as it enables enhanced flow characteristics and a lesser probability of crystallization. Thermoplastic starch is manufactured using compression molding, extrusion, injection molding, thermoforming and reactive extrusion. This chapter discusses the different methods used for thermoplastic preparation and its large-scale production methods. When compared to plastics, the major defects of thermoplastic starch are its hydrophilicity and poor mechanical characteristics. The hydrophilic property of TPS can be reduced by the addition of other biodegradable polymers, cross-linking agents, or using the multi-layer technique. TPS reinforcement with cellulose microfibers, natural fibers, and industrially revived cellulose fibers will improve the mechanical characteristics of TPS. This chapter also provides an insight into the properties of Thermoplastic starch, Thermoplastic starch nanocomposites, characterization of Thermoplastic starch-based composites, biodegradability and, application of thermoplastic starch and its composites in detail.