Wheat straw (WS) is one of the abundant categories of agricultural waste, which is usually abandoned and burned yearly, thus creating environmental issues. Traditionally, it is used for low-value purposes, mainly in cattle feeding or agricultural mulch, and the rest is burnt or thrown away. WS is a valuable candidate as raw material for being used as reinforcing fibers to fabricate biocomposites. Among existing strategies, one of the potential strategies to utilize such lignocellulosic biomasses includes the extraction of cellulose as a potential candidate in the fabrication of sustainable packaging. Exploring WS as a valuable source of cellulose could be a key strategy for enabling biopolymers in packaging, which relies on developing tailor-made materials from non-food and low-cost resources. In this regard, the valorization of WSs for packaging can add value to these underutilized residues and successfully contribute to the circular economy concept. The review addresses the valorization of WS as a source of cellulose and its nanostructured forms for food packaging applications. The review also discusses cellulose derivatives extraction using conventional or innovative techniques (microwave-assisted extraction, fractionation, mechanical fibrillation, steam-explosion, microfludization, enzymatic hydrolysis, etc.). The different applications of these extracted biopolymers in the packaging are also summarized.