Plastics i.e. polymers are long chains or networks of monomer molecules which can be fabricated in desired shape, colour and specifications. The multi-functionality of this macromolecule has made it an integral part of society. Due to being given immense importance in various industrial sectors, like information technology, electrical, as well as electronics industries, intelligent, smart and advanced packaging systems, agriculture, automobiles, biomedical applications, etc., they are quite indispensable for the modern generation. The huge demand and high frequency usage have alarmed a number of countries littered with plastic wastes which need to be attended immediately. The effects of plastic solid waste on environmental living and non-living components are noticeable in the ever-increasing level of plastic pollution both on land and in the oceans globally. This paper compiles the various aspects and prospects of disposal methods like landfilling, recycling, progress in recovery and management of plastic waste (i.e. primary, secondary, tertiary and quaternary) in order to minimize its huge volumes. The depolymerisation process is the key technology behind its success which provides a high yield of product and a minimal amount of waste. Few innovative methods other than recycling published by different researchers are also discussed in this paper.