In recent years, the chemical production and waste generation have been rapidly increasing, presenting substantial hazards to the ecosystem and human well-being. To address this issue, a series of multilateral environmental agreements (MEAs) have been developed internationally, that provide essential decision-making support for the appropriate governance of chemicals and wastes in the participating countries. MEAs have established subsidiary bodies known as science-policy interface (SPI) institutions to provide evidence-based support and scientific assessments for environmental policies. However, the existing SPIs face limitations that hinder their ability to tackle the obstacles presented by the vast quantities of chemicals and wastes currently found in the environment. Therefore, the fifth session of the United Nations Environment Assembly made the decision to establish a science-policy panel to promote the effective management of chemicals and waste and to prevent pollution (SPP-CWP). This panel is intended to be an independent intergovernmental body, similar to the Intergovernmental Panel on Climate Change and Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. The United Nations Environment Programme convened an ad hoc open-ended working group (OEWG) to design strategies for the SPP-CWP. Since 2022, three OEWG meetings have been conducted, and draft documents outlining the panel's scope, functions, operational principles, conflict of interest policy, institutional setup, work processes, and procedures have been formulated. In this article, we analyzed the background and development of the SPP-CWP and provided updates regarding the progress of the panel's establishment. We also suggested future trends for the SPP-CWP. We concluded that SPP-CWP will be a comprehensive and authoritative international body, providing policymakers with exhaustive reports, consequently strengthening the capacity of life cycle management of chemicals. Thus, the panel will effectively reduce or prevent waste production and pollution, promote material circulation, and minimize resource consumption, making significant contributions to the establishment of a circular economy and an environmentally friendly society.