Plastics utilized in all zones and activities are an inevitable reality of contemporary society and have fetched undeniable social benefits. Conversely, their most anticipated physiognomies like flexibility, durability, low cost, and resistance to degradation project these materials extremely problematic regarding the environment. The substantial increase in their net production results in subsequent accretion in the environment, predominantly in lands and oceans, and existing conventional plastic waste management ways are of very restricted efficiency. Herein, we summarize the existing solutions and expound alternative tactics for biodegradation of waste plastic expansively present in the environment to get novel and eco-friendly products. It also discussed exactly how biotechnology-based techniques play a vital role in the improvement of biodegradation strategies and how can embrace a model of circular economy, meritoriously leading from plastic waste to affluence.