Accumulation of plastic wastes has been recently recognized as one of the most critical environmental challenges, affecting all life forms, natural ecosystems and economy, worldwide. Under this threat, finding alternative environmentally-friendly solutions, such as biodegradation instead of traditional disposal, is of utmost importance. However, up to date, there is limited knowledge on plastic biodegradation mechanisms and efficiency. From this point of view, the purpose of this review is to highlight the negative effects of the accumulation of the most conventional plastic waste (polyethylene, polypropylene, polystyrene, polyvinylchloride, polyethylene terephthalate and polyurethane) on the environment and to present their degradability potential through abiotic and biotic processes. Furthermore, the ability of different microbial species for degradation of these polymers is thoroughly discussed. The present review also addresses the contribution of invertebrates, such as insects, in plastic degradation process, highlighting the vital role that they could play in the future. In total, a schematic pathway of an innovative approach to improve the disposal of plastic wastes is proposed, with view to establishing an effective and sustainable practice for plastic waste management.