The widespread use and production of plastic have led to increased accumulation of plastic waste in the environment which threatens terrestrial and marine life. Efficient methods for management of plastic waste remain a key challenge. Biodegradation of plastics is considered an environmentally safe method, but is still limited to laboratory scale. Several previous studies have reported microbial enzymes capable of degrading plastic. These discoveries offer a promising starting point for the development of biocatalyzed plastic degradation technology. In this review, we discuss recent advancements and applications of biocatalyst technology. We also describe the different steps for development of bio-catalyzed plastic degradation technology and the major issues related to each stage. Breakthroughs in research into biocatalyzed plastic degradation would lead to new opportunities for sustainable alleviation of the worldwide problem of plastic waste accumulation.