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The use of polysaccharide-based materials presents an eco-friendly technological solution, by reducing dependence on fossil resources while reducing a product’s carbon footprint, when compared to conventional plastic packaging materials. This review discusses the potential of polysaccharides as a raw material to produce multifunctional materials for food packaging applications. The covered areas include the recent innovations and properties of the polysaccharide-based materials. Emphasis is given to hemicelluloses, marine polysaccharides, and bacterial exopolysaccharides and their potential application in the latest trends of food packaging materials, including edible coatings, intelligent films, and thermo-insulated aerogel packaging.