Ultrasonic irradiation has been proposed as a novel approach for degradation of polymer compounds, especially considering the fact that the reduction in the molecular weight (also the intrinsic viscosity) is simply by splitting the most susceptible chemical bond without causing any changes in the chemical nature. An overview of the application of ultrasound for the polymer degradation has been presented in this work, discussing the mechanism of degradation, kinetic modeling, effect of operating parameters and the type of reactors generally used for depolymerization. The effect of important operating parameters such as initial polymer concentration, presence of functional groups in the polymer chain, reaction volume, initial molecular weight, temperature, operating frequency, power dissipation and use of process intensifying additives have been discussed also giving guidelines about selection of the optimum parameters. It has been observed that the low concentrations and higher power dissipation (till an optimum) are favorable resulting in higher extents of degradation. Typically low frequency is recommended but for the case of water soluble polymers, higher frequencies would also give similar results due to the dominant action of chemical effects of cavitation. It has been demonstrated that the alkyl group substituent also affects the degradation rate of polymer. An overview of degradation using combined approach based on ultrasound and additives with comparison with individual approach has also been presented. It has been observed that the main contributing factor for the synergy of the combined approach is the selection of optimum loading of additives. Overall, it has been observed that efficient polymer degradation can be achieved using combined process based on the use of ultrasound.