Plastic pollution has escalated into a critical global issue, with production soaring from 2 million metric tons in 1950 to 400.3 million metric tons in 2022. The packaging industry alone accounts for nearly 44% of this production, predominantly utilizing polyethylene terephthalate (PET). Alarmingly, over 90% of the approximately 1 million PET bottles sold every minute end up in landfills or oceans, where they can persist for centuries. This highlights the urgent need for sustainable management and recycling solutions to mitigate the environmental impact of PET waste. To better understand PET's behavior and promote its management within a circular economy, we examined its chemical and physical properties, current strategies in the circular economy, and the most effective recycling methods available today. Advancing PET management within a circular economy framework by closing industrial loops has demonstrated benefits such as reduced landfill waste, minimized energy consumption, and conserved raw resources. To this end, we identified and examined various strategies based on R-imperatives (ranging from 3R to 10R), focusing on the latest approaches aimed at significantly reducing PET waste by 2040. Additionally, a comparison of PET recycling methods (including primary, secondary, tertiary, and quaternary recycling, along with the concepts of "zero-order" and biological recycling techniques) was envisaged. Particular attention was paid to the heterogeneous catalytic glycolysis, which stands out for its rapid reaction time (20–60 min), high monomer yields (>90%), ease of catalyst recovery and reuse, lower costs, and enhanced durability. Accordingly, the use of highly efficient oxide-based catalysts for PET glycolytic degradation is underscored as a promising solution for large-scale industrial applications. [ABSTRACT FROM AUTHOR]