The determination of the secure working life of polymeric materials is essential for their successful application in the packaging, medicine, engineering and consumer goods industries. An understanding of the chemical and physical changes in the structure of different polymers when exposed to long-term external factors (e.g., heat, ozone, oxygen, UV radiation, light radiation, chemical substances, water vapour) has provided a model for examining their ultimate lifetime by not only stabilization of the polymer, but also accelerating the degradation reactions. This paper presents an overview of the latest accounts on the impact of the most common environmental factors on the degradation processes of polymeric materials, and some examples of shelf life of rubber products are given. Additionally, the methods of lifetime prediction of degradable polymers using accelerated ageing tests and methods for extrapolation of data from induced thermal degradation are described: the Arrhenius model, time–temperature superposition (TTSP), the Williams–Landel–Ferry (WLF) model and 5 isoconversional approaches: Friedman’s, Ozawa–Flynn–Wall (OFW), the OFW method corrected by N. Sbirrazzuoli et al., the Kissinger–Akahira–Sunose (KAS) algorithm, and the advanced isoconversional method by S. Vyazovkin. Examples of applications in recent years are given.