Biodegradable polymers have gained extensive prominence within the medical realm, finding application as vital biomaterials across diverse domains, such as suture fabrication, drug delivery systems, tissue engineering constructs, and wound recuperation modalities. Polycaprolactone (PCL) stands out among these polymers due to its commendable biocompatibility and innate biodegradability, rendering it particularly suitable for these applications. The inherent physicochemical and mechanical attributes of pure PCL can be judiciously modulated utilizing blending with a spectrum of polymers, thus further enhancing its utility. This comprehensive review provides a detailed overview of PCL, encompassing its intrinsic characteristics, surface refinements, and diverse synthetic methodologies. This review also highlights the recent progress made in the biomedical field through the use of PCL and its derivatives, specifically emphasizing the latest advancements and emerging breakthroughs.