The COVID-19 pandemic has led to an enormous rise in biomedical waste and plastic trash production. The sudden increase in the production of waste vehicles carrying the same for disposal presented major challenges for the current waste disposal systems, particularly in developing countries. Due to the COVID-19 health emergency, the significance of appropriate waste management has become more evident. This review aims to showcase all aspects of biomedical waste, including its management, safe disposal approaches, the risks associated with improper waste management, and other hazards from hospitals, labs, and the environment. The focus has been laid on the possible role of laboratories in hospitals, research, and academic institutions directly and indirectly involved in handling biomedical items. It is pertinent to mention that policies relating to biomedical waste management must be renewed periodically for updates and to incorporate new research and system development points. In the present review, establishing collaboration among hospitals, laboratories, and research staff is vital for proper waste management in healthcare facilities. The review demonstrates the contemporary directions in biomedical waste treatment and safe disposal methods, especially incineration, autoclaving, chemical disinfection, and land disposal. Good laboratory practices and techniques for destroying needles, shredders, encapsulation, and inertization are also covered. The significance of biomedical waste management policies in promoting environmentally responsible and safe practices and amendments to these policies has been emphasized.