The acquisition of high-performance biodegradable plastics is of great significance in addressing the problem of environmental pollution of plastics. Polylactide (PLA) and poly(butylene adipate-co-terephthalate) (PBAT) are the most promising biodegradable polymers and have excellent functional properties. However, low elongation at break and impact strength of PLA and low tensile modulus and flexural strength of PBAT hinder their application. A large number of studies focus on improving the performance of PLA and PBAT and broadening their applications. In terms of polymer modification, this paper summarized recent progresses in both chemical and physical modification methods for PLA and PBAT, respectively. The properties of PLA can be improved by co-polymerization, grafting, cross-linking and blending. The properties of PBAT can be improved mainly through blending with other degradable polymers, natural macromolecules and inorganic materials. This review can provide the reference and ideas for the modification of biomass-based biodegradable plastics like PLA and fossil-based biodegradable plastics like PBAT.