Plastic pollution is ubiquitous in terrestrial and aquatic ecosystems. Plastic waste exposed to the environment creates problems and is of significant concern for all life forms. Plastic production and accumulation in the natural environment are occurring at an unprecedented rate due to indiscriminate use, inadequate recycling, and deposits in landfills. In 2019, the global production of plastic was at 370 million tons, with only 9% of it being recycled, 12% being incinerated, and the remaining left in the environment or landfills. The leakage of plastic wastes into terrestrial and aquatic ecosystems is occurring at an unprecedented rate. The management of plastic waste is a challenging problem for researchers, policymakers, citizens, and other stakeholders. Therefore, here, we summarize the current understanding and concerns of plastics pollution (microplastics or nanoplastics) on natural ecosystems. The overall goal of this review is to provide background assessment on the adverse effects of plastic pollution on natural ecosystems; interlink the management of plastic pollution with sustainable development goals; address the policy initiatives under transdisciplinary approaches through life cycle assessment, circular economy, and sustainability; identify the knowledge gaps; and provide current policy recommendations. Plastic waste management through community involvement and socio-economic inputs in different countries are presented and discussed. Plastic ban policies and public awareness are likely the major mitigation interventions. The need for life cycle assessment and circularity to assess the potential environmental impacts and resources used throughout a plastic product’s life span is emphasized. Innovations are needed to reduce, reuse, recycle, and recover plastics and find eco-friendly replacements for plastics. Empowering and educating communities and citizens to act collectively to minimize plastic pollution and use alternative options for plastics must be promoted and enforced. Plastic pollution is a global concern that must be addressed collectively with the utmost priority.