Plastics have been an integral part of human lives, enhancing the functionality and safety of many everyday products, contributing significantly to our overall well-being. However, petroleum-based plastics can take hundreds or even thousands of years to decompose, resulting in an unprecedented plastic waste accumulation in the environment. Widely used conventional plastic disposal methods as landfilling and incineration are also environmentally harmful, frequently leading to soil/water contamination and the release of microplastics. To overcome these limitations, researchers have been investigating novel sustainable alternatives for plastic waste management, such as the use of microorganisms, microbial-based enzymes, and, more recently, some insect larvae, being Galleria mellonella and Tenebrio molitor the most promising ones. In this review, we explore different methods of plastic waste disposal focusing on recent discoveries regarding biological plastic degradation using insects as alternative methods. We also discuss the plastic degradation mechanisms employed by G. mellonella and T. molitor larvae known so far, as salivary enzymes and the pool of microorganisms in their gut. Finally, this review highlights key challenges in plastic biodegradation, such as standardization and experimental comparability, while proposing innovative perspectives like using insects as bioreactors and exploring unexplored research directions.