Environmental issues urge for the substitution of petrochemical-based raw materials with more environmentally friendly sources. The biggest advantages of PLA over non-biodegradable plastics are that it can be produced from natural sources (e.g., corn or sugarcane), and at the end of its lifetime it can be returned to the soil by being composted with microorganisms. PLA can easily substitute petroleum-based plastics in a wide range of applications in many commodity products, such as disposable tableware, packaging, films, and agricultural twines, partially contributing to limiting plastic waste accumulation. Unfortunately, the complete replacement of fossil fuel-based plastics such as polyethylene (PE) or poly(ethylene terephthalate) (PET) by PLA is hindered by its higher cost, and, more importantly, slower degradation as compared to other degradable polymers. Thus, to make PLA more commercially attractive, ways to accelerate its degradation are actively sought. Many good reviews deal with PLA production, applications, and degradation but only in the medical or pharmaceutical field. In this respect, the present review will focus on controlled PLA degradation and biodegradation in technical applications. The work will include the main degradation mechanisms of PLA, such as its biodegradation in water, soil, and compost, in addition to thermal- and photo-degradation. The topic is of particular interest to academia and industry, mainly because the wider application of PLA is mostly dependent on discovering effective ways of accelerating its biodegradation rate at the end of its service life without compromising its properties.