Plastic waste accumulation has been recognized as one of the most critical challenges of modern societies worldwide. Traditional waste management practices include open burning, landfilling, and incineration, resulting in greenhouse gas emissions and economic loss. In contrast, emerging techniques for plastic waste management include microwave-assisted conversion, plasma-assisted conversion, supercritical water conversion, and photo reforming to obtain high-value products. Problems with poorly managed plastic waste are particularly serious in developing countries. This review article examines the emerging strategies and production of various high-value-added products from plastic waste. Additionally, the uses of plastic waste in different sectors, such as construction, fuel production, wastewater treatment, electrode materials, carbonaceous nanomaterials, and other high-value-added products are reviewed. It has been observed that there is a pressing need to utilize plastic waste for a circular economy and recycling for different value-added products. More specifically, there is limited knowledge on emerging plastic waste conversion mechanisms and efficiency. Therefore, this review will help to highlight the negative environmental impacts of plastic waste accumulation and the importance of modern techniques for waste management.