To date, enumerable fungi have been reported to participate in the biodegradation of several notorious plastic materials following their isolation from soil of plastic-dumping sites, marine water, waste of mulch films, landfills, plant parts and gut of wax moth. The general mechanism begins with formation of hydrophobin and biofilm proceding to secretion of specific plastic degarding enzymes (peroxidase, hydrolase, protease and urease), penetration of three dimensional substrates and mineralization of plastic polymers into harmless products. As a result, several synthetic polymers including polyethylene, polystyrene, polypropylene, polyvinyl chloride, polyurethane and/or bio-degradable plastics have been validated to deteriorate within months through the action of a wide variety of fungal strains predominantly Ascomycota (Alternaria, Aspergillus, Cladosporium, Fusarium, Penicillium spp.). Understanding the potential and mode of operation of these organisms is thus of prime importance inspiring us to furnish an up to date view on all the presently known fungal strains claimed to mitigate the plastic waste problem. Future research henceforth needs to be directed towards metagenomic approach to distinguish polymer degrading microbial diversity followed by bio-augmentation to build fascinating future of waste disposal.