The main driver of the potential toxicity of micro- and nanoplastics toward biota is often the release of compounds initially present in the plastic, i.e., polymer additives, as well as environmentally acquired metals and/or organic contaminants. Plastic particles degrade in the environment via various mechanisms and at different rates depending on the particle size/geometry, polymer type, and the prevailing physical and chemical conditions. The rate and extent of polymer degradation have obvious consequences for the uptake/release kinetics and, thus, the bioavailability of compounds associated with plastic particles. Herein, we develop a theoretical framework to describe the uptake and release kinetics of metal ions and organic compounds by plastic particles and apply it to the analysis of experimental data for pristine and aged micro- and nanoplastics. In particular, we elucidate the contribution of transient processes to the overall kinetics of plastic reactivity toward aquatic contaminants and demonstrate the paramount importance of intraparticulate contaminant diffusion.