Waste polystyrene contributes considerably to environmental pollution due to its persistent nature, prompting a widespread consensus on the urgent need for viable recycling solutions. Owing to the aromatic groups structure of polystyrene, hyper-cross-linked polymers can be synthesized through the Friedel−Crafts cross-linking reaction using Lewis acids as catalysts. In addition, hyper-cross-linked polystyrene and its carbonaceous counterparts can be used in several important applications, which helps in their efficient recycling. This review systematically explores methods for preparing multifunctional hypercross-linked polymers from waste polystyrene and their applications in sustainable recycling. We have comprehensively outlined various synthetic approaches for these polymers and investigated their physical and chemical properties. These multifunctional polymers not only exhibit structural flexibility but also demonstrate diversity in performance, making them suitable for various applications. Through a systematic examination of synthetic methods, we showcase the cutting-edge positions of these materials in the field of hyper-crosslinked polymers. Additionally, we provide in-depth insights into the potential applications of these hyper-cross-linked polymers in intentional recycling, highlighting their important contributions to environmental protection and sustainable development. This research provides valuable references to the fields of sustainable materials science and waste management, encouraging further exploration of innovative approaches for the utilization of discarded polystyrene.