Plasma gasification can be a viable technology for converting municipal solid waste (MSW) into value for the circular economy. However, in its current state, plasma gasification is mostly limited to lab or pilot scales as there are various challenges associated with it; there exist knowledge gaps which need attention and research for its successful future commercialisation. The present study critically reviewed the current status of plasma gasification for waste-to-value processing. Various traditional techniques for MSW disposal and processing available in the literature were discussed and were compared with plasma gasification in terms of cost, service life, energy comparison, and environmental impact comparison. After the review, knowledge gaps were identified, challenges associated with the plasma gasification technology were discussed, and a possible roadmap for the successful future commercialisation of plasma gasification for waste-to-value processing was suggested. Furthermore, various strategies to cope with challenges associated with plasma gasification were discussed. The successful commercialisation of plasma gasification can be achieved by reducing its costs by generating revenue or value in the form of synthesis gas or fuels from MSW, energy can be saved or reused using insulation, process integration, and process intensification, the technology and community readiness levels can be improved with better communication between relevant stakeholders and adding extra layers of safety, and process understanding can be improved by conducting extensive fundamental studies, as well as plasma gasification technology being standardised by establishing standards and standards organisations.