TPVs prepared by dynamic vulcanization technology combine good elasticity, melt processability, recyclability, and broad development prospect. However, most TPVs currently are petroleum-based thermoplastic vulcanizates, and the raw materials used are derived from petrochemical resources, which are inconsistent with the concept of “green and environmental protection”. Therefore, TPVs prepared from biobased polymers (Bio-based rubber, bio-based plastics, etc.) have gradually become a research hotspot. This article mainly reviews the preparation process of TPVs and the biological preparation based on the plastic phase of polylactic acid (PLA), polybutylene succinate (PBS), rubber phase of Eucommia gum (EUG) and other bio-based materials in recent years. Based on the research progress of TPVs, and prospects the development of biobased thermoplastic vulcanizates.