The possibility of using the exergy analysis for the assessment of management of plastic packaging waste contained in municipal waste has been presented. Two variants of waste management have been evaluated. One option considered the use of waste to produce heat and electricity. The second option considered processing the waste into regranulate. The study aims to identify which waste management option, in terms of the use of the raw materials it contains, is more favourable in terms of exergy. An index of cumulative exergy demand was used to assess the variants. The value of the indicator is the sum of the exergy of the raw material resources that need to be consumed in waste management. The functional unit is 1 Mg of waste, which consists of municipal plastic packaging waste and mixed municipal waste. The quantitative description of the functional unit is based on the results of surveys of municipal waste in Poland and data from the waste collection company. For each of the waste handling options, an analysis of the processes implemented in them in terms of material and energy flows and exergy requirements was carried out. Data on efficiency, energy needs, calorific value of fuels used in these processes were taken from the literature. The substitution coefficient was calculated to be 0.95. The option involving material recycling of plastic waste will be more favourable in terms of exergy consumption if the resulting regranulate from the waste has a substitution coefficient above 0.95. If the regranulate produced has a substitution coefficient below 0.95, the option involving exergy use of the waste will be better in terms of energy consumption.