Plastic pollution has become a primary environmental concern in recent years that affects not only the environment but also wildlife and human health. Developing new, alternative ways to reduce and recycle plastic waste is an important and pressing challenge for industries, given its significant impact on greenhouse gas emissions, resource efficiency improvement, and landfilling reduction. Currently, reuse and mechanical recycling are the most employed routes to exploit post‐consumer plastics, but they have their own limitations. Chemical recycling of plastic is a process that offers a sustainable solution to the growing plastic waste problem. But the depolymerization of condensation polymers poses a lot of challenges in chemical recycling. Ionic liquids (ILs) have recently emerged as depolymerization reagents offering various advancements in polymer recycling and waste management. This review assesses the different recycling conditions using ILs for different condensation polymers such as polyesters, polyamides, polycarbonates, and polyethylene terephthalate. It also explores the possibility of using ionic liquid as a catalyst influencing depolymerization efficiency. This review is intended to build on existing knowledge and inform further research in the area of sustainable polymer recycling.