Plastic products are a significant component of the manufacturing industry and the plastic industry is closely related to economic and social development. As constraints from resources and environment tighten, rational disposal and utilization of waste plastics becomes crucial for the sustainable economic and environmental development. Currently, the variety of plastic products becomes abundant, and disposal technologies and application challenges are constantly updated. Considering the demand for high-quality development of the industry and increasingly strict environmental protection requirements, a systematic analysis of the research progress of waste plastic disposal and utilization becomes urgent. In this study, the waste plastic disposal and utilization technologies are categorized into mechanical disposal of waste plastics, energy and resource conversion, regeneration recycling, and new technologies for disposal and utilization. These four types of technologies are expounded from the aspects of technical features, applicable conditions, and research progress. On the basis, facing the technical challenges and referring to the existing experience of developed countries, suggestions are proposed from the aspects of source reduction, sorted recycling of waste plastics, and technological innovation and transformation, hoping to provide a reference for the clean disposal and recycling of waste plastics in China.