This study explores the dual application of Karpuravalli banana plant waste for sustainable material development, focusing on the extraction of wax from banana shoots and the creation of biodegradable packaging films from banana peel powder. Two extraction methods, refluxing and Soxhlet, were used to obtain wax from mature and third leaf shoots, with Soxhlet yielding 4% wax and refluxing producing 2%. The wax exhibited properties similar to commercial natural waxes, with GC-MS analysis revealing a predominant C23 fatty acid. Biodegradable films were developed using banana peel powder, corn starch, glycerol, and wax as a moisture-resistant coating. The wax-coated films showed increased thickness and moisture resistance but decreased transparency and mechanical properties, such as tensile strength and elongation. Both film types achieved over 98% biodegradation in soil. This research highlights the potential of utilizing banana plant by-products for eco-friendly packaging solutions, demonstrating that while the wax improves moisture resistance, further optimization is needed to enhance mechanical performance, thus contributing to sustainable material development from agricultural waste.