The growing, global concern for the natural environment contributes to the intensive research on at least partial replacing of petroleum-based raw materials with bio-renewable resources on an industrial scale. The chemical composition and oligomeric nature of plant oils make them a promising bio-renewable base for development of new polymer materials. The conversion of plant oils and fats to epoxidized plant oils (EO) and polyols are the processes intensively studied. Epoxides based on soybean oil, i.e. one of the most easily available vegetable oils, have a high potential for polymeric materials preparation. In addition, linseed and castor oils are of great importance in this area as well. This article presents the latest achievements in the production of novel polymer materials based on epoxidized vegetable oils and their derivatives. The importance and application of EO for polymer materials should be considered multidirectional. Epoxidized plant oils are the platform chemicals for polyethers, polyesters, polyurethanes and polyhydroxyurethanes, but also can act as modifiers for natural and synthetic polymers. Polymers based on epoxidized vegetable oils in combination with filler – including more and more popular natural fibers, allow to obtain biocomposites. Applying bioresin and natural reinforcement reduces the carbon footprint. Moreover, such materials may exhibit competitive properties against petrochemical polymer products and meet the requirements of the automotive, packaging, furniture, and construction industries. Additionally, obtaining materials showing functional properties, including shape memory and self-healing ability is also possible.