Traditional lubricants, often containing harmful chemicals and synthetic or fossil-derived oils, pose environmental risks by damaging ecosystems and threatening human health and wildlife. There is a growing demand for environmentally sustainable and cost-effective bio-based lubricants derived from renewable raw materials. These bio-based oils often possess natural lubricating properties, making them an attractive alternative to traditional synthetic lubricants. In addition to providing effective lubrication, they offer good biodegradability and minimal toxicity, which are essential for reducing environmental impact. However, the primary challenge lies in optimizing their performance to match or surpass that of conventional lubricants while ensuring they remain cost-effective and widely available. This paper reviews the general requirements for lubricants and explores how plant-based oils can be utilized to meet the diverse lubrication needs across various industries. Further, it highlights different approaches that can be used for further improvements in the area of plant-based lubrication through bio-inspired means, such as the use of estolides, wax esters, or erucic acid, as well as through additions of nanomaterials, such as nanoparticles, nanoclays, or two-dimensional films.