Natural wax-incorporated biopolymer films have emerged as promising sustainable packaging materials due to their enhanced functional properties and environmental benefits. This review comprehensively analyzes the properties and the effects of various natural waxes (beeswax, carnauba wax, candelilla wax, etc.) on the performance of polysaccharide-, protein-, and polyester-based packaging films. The incorporation of natural waxes significantly improves hydrophobicity, water vapor barrier properties, mechanical strength, and bioactive functionalities of biopolymer films. Furthermore, we critically evaluate the shelf-life extension capabilities of these composite films for food packaging applications. Despite these advantages, current challenges include insufficient standardization in wax extraction methods, limited understanding of wax-polymer interactions, and technological barriers in developing intelligent packaging systems. Future research should focus on optimizing wax processing techniques, elucidating structure–function relationships, and integrating smart sensing functionalities. Addressing these challenges will facilitate the development of high-performance, multifunctional food packaging materials that meet both sustainability and technological requirements.