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The advancement and modernization of industries have provided numerous benefits to human life including diversification of manufacturing a wide range of products made from plastic materials, thereby leading to the generation of huge quantities of plastic waste. Owing to the increasing issues related with plastic waste, recycling methods have attracted much interest. Recycling not only protects the environment and resources for future generations but also reduces energy consumption and greenhouse gas emissions. A wide range of valuable products including char, oil, fuels, sorbent materials, and chemicals can be obtained through different techniques. This Review highlights various sustainable research avenues and potential routes to reduce the environmental impact of plastic waste based on both traditional and potential approaches for its utilization.