Synthetic biology, or “SynBio”, cleverly mimics nature to help achieve sustainability goals and meet civilisation's needs. It enables the transition to an economic paradigm based on biological processes. Although synthetic biology is an embryonic technology, it has demonstrated its worth. It can be part of the technological toolkits in reducing the human impact on the natural ecosystem by replacing waste-challenging processes mainly used in industrial production and people's daily activities. This review summarises the potential of synthetic biology in the bio-based economy. It also covers the current trends, the implementation of emerging innovations, the connection between technologies, and the challenges involved. Our aim is to outline the areas in which synthetic biology holds promise for tackling the pressing challenges faced by humankind and the planet, including food security, climate change and infectious diseases. Along the way, we will include specific and tangible examples to illustrate this potential.