Lignocellulosic fiber-reinforced polymer composites are the most extensively used modern-day materials with low density and better specific strength specifically developed to render better physical, mechanical, and thermal properties. Synthetic fiber-reinforced composites face some serious issues like low biodegradability, non-environmentally friendly, and low disposability. Lignocellulosic or natural fiber-reinforced composites, which are developed from various plant-based fibers and animal-based fibers are considered potential substitutes for synthetic fiber composites because they are characterized by lightweight, better biodegradability, and are available at low cost. It is very much essential to study end-of-life (EoL) conditions like biodegradability for the biocomposites which occur commonly after their service life. During biodegradation, the physicochemical arrangement of the natural fibers, the environmental conditions, and the microbial populations, to which the natural fiber composites are exposed, play the most influential factors. The current review focuses on a comprehensive discussion of the standards and assessment methods of biodegradation in aerobic and anaerobic conditions on a laboratory scale. This review is expected to serve the materialists and technologists who work on the EoL behaviour of various materials, particularly in natural fiber-reinforced polymer composites to apply these standards and test methods to various classes of biocomposites for developing sustainable materials.