Chitin and chitosan, two of the most abundant biopolymers existent in a wide variety of natural sources, present a vast array of biological properties that have found wide applicability in several domains of global importance. The dynamic development of such essential use cases of these biologically derived materials can be attributed to the physical, chemical, and biological properties of these biomaterials. Since these properties present such significant importance in governing the success achieved in all possible domains of their usage, extensive research has been conducted, now for a very long time, in an attempt to understand the diverse inherent properties of these substances, the effects of the traditional and modern extraction procedures on these properties, and whether such deviations in the natural properties induced during extraction or intended modifications prove beneficial or detrimental for use by the global communities. In order to delve deeper into these critically important realms intricately associated with these biological products, dedicated attempts must be made to study in considerable detail the scientific information that has been revealed through years of study by the scientific community. Upon establishing a concrete map of every discovered and proven characteristic of these materials can the scientific community hope of developing room for new ground breaking discoveries yet undiscovered that harbour the potential of transforming the current landscape of material deployment and reliance on conventional approaches in all sectors of commercial and industrial importance.