Petrochemical-derived plastics have become a source of pollution for decades, and finding alternative plastics that are environmentally friendly has become a matter of urgency. Polyhydroxyalkanoate (PHA), a biopolyester synthesized by microbial cells, has properties that make it suitable as a biodegradable plastic material. The diversity of PHA makes it applicable to a wide range of products, from packaging to biomedical devices. The main challenge in commercialization of PHA is the cost of production. Although many studies have been focused on obtaining high yields of PHA, up until now, there is no absolute definition of efficient production of PHA, as there are many factors that could contribute to the efficiency of a process. Efficiency in PHA recovery also contributes to the commercial viability of PHA production. This review focuses on the efficiency of PHA biosynthesis from several aspects relating to the criteria for efficient production. The development of new strategies for improved production, including utilization of low cost carbon sources, genetic modification of PHA-producing microbes, and fermentation strategies are discussed here. Advances in recovery of PHA, as well as the potential of biological recovery techniques, are also highlighted in this review.