<p>Polymer additives play an important role in retaining, enhancing, and modifying the properties of polymers for various end-use applications such as construction, automotive, electronics, pharmaceuticals, food, and medical industries. Polyolefin-based products are particularly significant in the packaging industry due to their low cost and large-scale availability in the market. The demand for polyolefin products in the form of bottles, jars, drums, cans and other types of containers has increased exponentially due to their sustainability, high recyclability, light weight, chemical resistance, barrier properties, and lower carbon footprint compared to other packaging materials. Additives such as UV stabilizers, antioxidants, processing aids and pigments are required for the processing and long-term stability of polyolefin-based products. Simultaneously, it is essential that these chemical additives be either eco-friendly or have reduced hazardous effects after migration into the environment. This review presents the most recent advances in research and development of functional additives for polyolefin materials. Emphasis is placed on the basic understanding of various types of antioxidant stabilizers and their reaction mechanisms involved in polymer stabilization. Different formulations of stabilizers, antioxidants, and processing aids are discussed, including their concentrations and specific applications. Additionally, the hazardous effects of chemicals present in additives and their migration into the environment are addressed. Finally, the use of bio-based functional additives and their formulations in polyolefin materials is encouraged and discussed in light of environmental, health, regulatory, and economic issues.</p>