Plastic is a widely used material across various industries, including construction, packaging, healthcare, and automotive, among others. Global plastic production was estimated at 311 million tonnes in 2014 and is expected to double within two decades, continuing to rise towards 2050. As plastic pollution poses significant environmental and health risks, effective recycling and upcycling strategies are crucial for sustainable waste management. This paper explores the impact of plastic waste on public health and ecosystems, reviews chemical, mechanical, and biological recycling methods, and examines upcycling approaches. It also addresses key challenges such as limitations in chemical upcycling, scaling up carbonization, and inefficiencies in sorting and processing for mechanical recycling. Additionally, recent innovations-including enzymatic depolymerization for PET recycling, upcycling plastic waste into advanced carbon materials like graphene and carbon nanotubes, photochemical and photocatalytic upcycling, PVC recycling via Cl-transfer systems, and advancements in mechanical recycling for multi-layer plastics-are discussed to highlight emerging solutions in plastic waste management. By addressing these challenges and gaps, this paper provides valuable insights into advancing plastic waste management through innovative recycling and upcycling technologies, paving the way for more sustainable and environmentally friendly solutions to combat global plastic pollution.