Asian countries have abundant resources of natural fibers, but unfortunately, they have not been optimally utilized. The facts showed that from 2014 to 2020, there was a shortfall in meeting national demand of over USD 2.75 million per year. Therefore, in order to develop the utilization and improve the economic potential as well as the sustainability of natural fibers, a comprehensive review is required. The study aimed to demonstrate the availability, technological processing, and socio-economical aspects of natural fibers. Although many studies have been conducted on this material, it is necessary to revisit their potential from those perspectives to maximize their use. The renewability and biodegradability of natural fiber are part of the fascinating properties that lead to their prospective use in automotive, aerospace industries, structural and building constructions, bio packaging, textiles, biomedical applications, and military vehicles. To increase the range of applications, relevant technologies in conjunction with social approaches are very important. Hence, in the future, the utilization can be expanded in many fields by considering the basic characteristics and appropriate technologies of the natural fibers. Selecting the most prospective natural fiber for creating national products can be assisted by providing an integrated management system from a digitalized information on potential and related technological approaches. To make it happens, collaborations between stakeholders from the national R&D agency, the government as policy maker, and academic institutions to develop national bioproducts based on domestic innovation in order to move the circular economy forward are essential.