This review introduces groundbreaking insights in polymer science, specifically spotlighting a novel review of the solid-state modification (SSM) approach of thermoplastic polymers, a method not extensively explored. Unlike traditional melt polymer modification, SSM stands out by incorporating monomers or oligomers into the amorphous phase of polymers through innovative exchange reactions. The background of the study places thermoplastics within the context of their increased use over the past century, highlighting their versatility in various applications and the associated environmental and health concerns due to certain additives. The results section outlines the unique aspects of SSM and its increasing recognition for its potential to enhance material performance in areas such as catalysts and composites. It also discusses the application of SSM in modifying different thermoplastic polymers, highlighting various studies demonstrating the method’s effectiveness in altering polymer properties. Finally, this work emphasizes SSM’s importance in environmental sustainability and its potential in the recycling and upcycling of plastic materials. It acknowledges the challenges and future perspectives in the field, particularly regarding the scalability of SSM techniques for industrial applications and their role in advancing a circular economy in the polymer industry.