Abstract The upcycling of waste plastics into value-added chemicals is essential for achieving a circular plastic economy. Among emerging chemical recycling routes, catalytic hydrogenolysis has gained increasing attention due to its capability to selectively cleave polymer chains into saturated hydrocarbons under comparatively mild conditions. This review presents an integrated perspective on recent advances in plastic hydrogenolysis, with an emphasis on the catalyst design, reaction conditions, and economic and environmental analysis. Different types of heterogeneous catalysts, including noble metals, non-noble metals, bimetallic systems, and emerging materials, are comparatively introduced based on the mechanisms of C–C and C–heteroatom bonds cleavage. Beyond catalyst development, key factors controlling product distribution, such as hydrogen pressure, temperature, and methods of hydrogen supply, are critically examined from a kinetic perspective. Importantly, the economic and environmental feasibilities are illustrated to assess the viability of hydrogenolysis relative to conventional recycling technologies. These insights highlight the potential of hydrogenolysis as a scalable and low-carbon route for plastic upcycling, while identifying the remaining challenges in catalyst stability, process optimization, and integration with renewable hydrogen systems.