Carbon dioxide (CO2) is an important heat-trapping gas, or greenhouse gas, that comes from the extraction and burning of fossil fuels. On the other hand, plastic is widely used for making various products, such as medical devices and packaging bags, but it causes pollution that damages human health and the environment. Therefore, biodegradable plastic materials synthesized by using CO2 is one of the most desirable alternatives of traditional non-biodegradable plastic materials to alleviate anthropogenic CO2 and non-degradable plastic pollution. Particularly, CO2-based poly(propylene carbonate) (PPC) has received increasing attention owing to its good functionalization modification advantages and its potential in the large-scale utilization of CO2. We review the synthetic routes of PPCs through incorporations of different functionalized third monomers to the polymer chains and their effects on properties of newly functionalized PPCs. The results show that the copolymerization of CO2 and propylene oxide (PO) provides a way to utilize excess CO2 for producing biodegradable and environmentally friendly polymerization products (i.e., CO2-based PPC). This offers a novel strategy for the preparation of new and potentially sustainable plastic materials.