This chapter elucidates techniques for producing packaging foams from recycled expanded polystyrene foams (EPS) for multiple utility. Advantages of EPS over other packaging materials and their environmental impacts threatening sustainability have also been discussed. Method for recycling the EPS viz., mechanical, chemical and thermal with specific advancement in technology and recent publications have also been discussed. Biodegradable EPS and modern approach to use biological resources for EPS degradation and microwave assisted EPS degradation are some thrust areas of research. The primary focus of all recycling processes is however, the resource recovery with minimum environmental impacts.