Plasticized poly(vinyl chloride) (PVC) has been extensively utilized globally, with various applications in construction, piping, wiring and cable, installation, flooring, nonfood packing, windows, doors, and more. Phthalates have been the most commonly employed plasticizers for PVC, but some of these plasticizers demonstrate many toxic effects on the environment and human beings, which consequently limits the use of phthalate plasticizers. Growing awareness of the effects of plasticizers on the environment and the depletion of petroleum-based resources has made the development of an alternative biobased plasticizer for PVC formulation necessary. Recently, there has been an increased consciousness of the use of natural resource-based plasticizers instead of phthalates in PVC production, because they are eco-friendly in nature. This review paper covers the utilization of traditional and biobased plasticizers for PVC plasticization, and their effect on environmental, mechanical, and thermal properties has been reported.