Biobased plastic combined with plastic recycling could be a plausible solution for achieving carbon neutrality by plastic industry. Herein we use production data, emission factors, and future plastic demands (2021-2060) to build a model, evaluating carbon neutrality under five scenarios. Our simulation indicates that carbon neutrality can be achieved by 2060 when biobased plastics takes 90% of plastic production with near 50% of recycling ratio. The amount of carbon captured through photosynthesis surpasses that of carbon released through plastic life cycle. Recycling reduces virgin plastic production, which is the primary carbon source. A one-fold increase in the use of recycled plastics could lead to a three-fold reduction of virgin plastic production. Existing plastics stored 6.82 giga tons of carbon (GtC) in 2020, serving as an artificial carbon reservoir never recognized before. This carbon reservoir will expand to 23.0 and 27.4 GtC under 22% and 50% recycling scenarios, respectively, by 2060.