This review provides the history and current paradigms of waste management (WM) practices in developing nations during the last five decades. It explores the evolution of the challenges, complexities, and trends during this period. This paper, for the first time, presents an estimation of the amount of municipal solid waste (MSW) generated in developing nations in the last five decades based on the material flow analysis approach. Overall, the amount of MSW in developing countries has increased from about 0.64 billion Mt in 1970 to 2 billion Mt in 2019. This review demonstrates the importance of finding new WM approaches in developing nations in the context of formulating policies, strategies, and highlights the major trends that re-define WM in developing countries. It also aims to present the holistic changes in technology, economic and environmental feasibility aspects to attain an integrated sustainable WM system in developing countries. Specific focus on open-burning, open-dumping, informal recycling, food waste, plastic pollution, and waste collection with reference to Sustainable Development Goals are explained. Drivers for the way forward including circular economy are investigated.