Plastics, renowned for their outstanding properties and extensive applications, assume an indispensable and irreplaceable role in modern society. However, the ubiquitous consumption of plastic items has led to a growing accumulation of plastic waste. Unreasonable practices in the production, utilization, and recycling of plastics have led to substantial energy resource depletion and environmental pollution. Herein, the state‐of‐the‐art advancements in the lifecycle management of plastics are timely reviewed. Unlike typical reviews focused on plastic recycling, this work presents an in‐depth analysis of the entire lifecycle of plastics, covering the whole process from synthesis, processing, to ultimate disposal. The primary emphasis lies on selecting judicious strategies and methodologies at each lifecycle stage to mitigate the adverse environmental impact of waste plastics. Specifically, the article delineates the rationale, methods, and advancements realized in various lifecycle stages through both physical and chemical recycling pathways. The focal point is the attainment of optimal recycling rates for waste plastics, thereby alleviating the ecological burden of plastic pollution. By scrutinizing the entire lifecycle of plastics, the article aims to furnish comprehensive solutions for reducing plastic pollution and fostering sustainability across all facets of plastic production, utilization, and disposal.