Functional ability is the foundation of healthy aging. A highly structured extracellular matrix comprises type II collagen fibers, proteoglycans, glycosaminoglycans, and other proteins surrounding the chondrons that make up articular cartilage. Articular cartilage acts as a cellular cushion and protects the joints from physio-mechanical stressors. In addition to being one of the most common degenerative disorders that negatively affect the quality of life, articular cartilage deterioration is a major risk factor for osteoarthritis. Owing to the poor self-healing ability of articular cartilage and the less efficiency of existing clinical therapies, regenerative medicine is considered a viable therapeutic option for articular cartilage repair. Effective and enduring long-term results are obtained when articular cartilage defects are treated with autologous chondrocyte implantation (ACI). The last few decades have seen significant advancements in ACI technology, moving from the first generation, which used a periosteal patch, to the second generation, which used a collagen membrane and is currently being replaced by the third generation, which applies chondrocytes within a matrix. Lately, placental tissues have been extensively explored for their contribution to bone and cartilage engineering. The presence of a mixture of extracellular components, and growth factors promotes angiogenesis and reduces inflammation and scarring. All placental tissues have the potential to be useful biomaterials for the creation of novel regenerative therapies due to their compositions and characteristics. Herein, a comprehensive overview of the most recent findings and clinical translation in the context of degenerated articular cartilage, this review article integrates the most significant advancements in tissue engineering techniques including present and future generations of ACI. Comparisons on placental and articular ECM components were also made to explore the use of placental tissues as a biomaterial in bone and cartilage engineering.