The surging demand for energy-efficient products and their environmental implications are important propelling factors contributing to the growing popularity of natural fiber-reinforced polymer composites (NFRPCs) in several domains. NFRP composites diversification significantly influenced the study and their development in recent years. The intrinsic characteristics of natural fibers have posed difficulties in the growth and use of NFRPCs. A significant amount of study has recently been performed to solve these sorts of problems in order to enhance the performance of NFRPCs and their uses. This review article aims to provide a comprehensive overview of the chemical composition of natural fibers, their physical and mechanical characteristics, and factors affecting the flexural and impact strength of NFRPCs, such as type of fiber, weight percentage of fiber, fiber geometry, surface treatments, stacking, hybridization, orientation, fillers, and information accomplished with them. The product life-cycle evaluation and sustainability development of plant-based NFRCs and the growing uses of NFRPCs, focusing on the automobile sector, are also explored. Finally, multiple perceptions were concluded with the expectation that this study may contribute to future improvements in the flexural and impact strength of NFRPCs.