Elastomers play an irreplaceable role in our society due to their unique properties. Natural rubber is directly obtained from plants and is widely used in tires, shoes, etc. Recently, modified natural rubbers are proposed to expand the application of natural rubber. However, these natural rubbers have a limited variety of molecular structures and may not be able to meet ever‐demanding applications. Traditional synthetic elastomers have a variety of molecular structures and their properties are used in various fields, but mainly originate from fossil resources. This review deals with bio‐based elastomers, and more specifically natural rubber and bio‐based synthetic elastomers. Based on reprocessability, bio‐based elastomers can also be divided into bio‐based chemically cross‐linked ones and thermoplastic ones. Compared to traditional fossil‐based elastomers, bio‐based ones may alleviate environmental pollution and promote the sustainable development of the elastomer industry. In this review, we summarize a brief introduction to the development of bio‐based elastomer derived from biomass resource, which are divided into bio‐based chemical cross‐linked rubbers and thermoplastic elastomers according to their processability. The former mainly describes natural rubbers and bio‐based synthetic elastomers. Meanwhile, the latter mainly presents thermoplastic polyester elastomers (TPEEs), thermoplastic polyurethane elastomers (TPUs), and thermoplastic polyamide elastomers (TPAEs). More importantly, some of bio‐based elastomers have already been implemented for commercial application in society. The synthesis of bio‐based elastomers used sustainable energy could contribute to the low carbon emission and carbon neutrality.