Polyolefins consist of abundant hydrophobic C−C and C−H bonds, and are considered as immensely potential untapped resources. Chemical upcycling offers a convenient and promising recycling strategy of polyolefins to produce newly‐functionalized polymeric materials, and high‐value added chemicals. The significant progress made in C–H functionalization reactions of alkane molecules provides new opportunities for improving polyolefin treatments. This review focuses on recent advancements in post‐modification routes, specifically the introduction of C–C and C–X (X = O, N, S, halogens and etc.) bonds onto polyolefin chain backbones, as well as degradation models involving homogeneous C–H functionalization. By emphasizing these developments, we aim to highlight the potential of chemical upcycling for enhancing the treatment of polyolefins.