In this paper, a bi-level optimization model is developed to manage the supply chain of deteriorating products under the adoption of cold plasma technology. The proposed model simultaneously aims to maximize the profits of the manufacturer and retailer while reducing product waste and carbon emissions. Cold plasma technology plays a crucial role by extending product shelf life and lowering deterioration rates, which in turn reduces waste and improves economic performance. In addition, this technology contributes to mitigating greenhouse gas emissions across the supply chain, offering a sustainable environmental solution. Numerical results demonstrate that adopting cold plasma technology leads to a significant reduction in product waste and enhances the profitability of both supply chain members. The analysis further indicates that optimal supply chain decisions are sensitive to changes in deterioration rates, highlighting the need for adaptive management strategies. Overall, this study provides an integrated economic–environmental assessment of cold plasma technology and offers practical insights for its effective implementation in supply chains dealing with deteriorating products.