Plastic production and consumption are on the rise due to their variety of uses. Plastics often accumulate in the environment and pose a risk due to the lack of a viable strategy for their safe disposal. Even prohibiting plastic covers does not solve the problems of plastic waste generation. Plastics are degraded by various microbes, although at a very slow rate. In addition, efforts to enhance plastic degradation efficiency by microbes are rarely addressed. This paper describes the biodegradation of both petroleum-based and bio-based plastics, as well as studies on plastic biodegradation in both the Indian and global scenarios. This paper also discusses the biochemical and molecular aspects of plastic biodegradation, which are essential since they disclose more about how bacteria break down plastics. We also shed light on initiatives to boost biodegradation rates using various strategies in this article. Understanding the enzymes and genes involved in biodegradation would also help researchers figure out how to use them to enhance microorganism's ability to degrade plastic.