Plastic waste, which is one of the major sources of pollution in the landfills and oceans, has raised global concern, primarily due to the huge production rate, high durability, and the lack of utilization of the available waste management techniques. Recycling methods are preferable to reduce the impact of plastic pollution to some extent. However, most of the recycling techniques are associated with different drawbacks, high cost and downgrading of product quality being among the notable ones. The sustainable option here is to upcycle the plastic waste to create high-value materials to compensate for the cost of production. Several upcycling techniques are constantly being investigated and explored, which is currently the only economical option to resolve the plastic waste issue. This Review provides a comprehensive insight on the promising chemical routes available for upcycling of the most widely used plastic and mixed plastic wastes. The challenges inherent to these processes, the recent advances, and the significant role of the science and research community in resolving these issues are further emphasized.