Currently, the resources of fossil fuels, such as crude oil, natural gas, and coal, are depleting day by day due to increasing energy demands. Nowadays, plastic items have witnessed a substantial surge in manufacturing due to their wide range of applications and low cost. Therefore, the amount of plastic waste is increasing rapidly. Hence, the proper management of plastic wastes for sustainable technologies is the need of the hour. Chemical recycling technologies based on pyrolysis are emerging as the best waste management approaches due to their robustness and better economics. However, research on converting plastic waste into fuels and other value-added goods has yet to be undertaken, and more R&D is required to make waste-plastic-based fuels economically viable. In this review article, the current status of the plastic waste pyrolysis process is discussed in detail. Process-controlling parameters such as temperature, pressure, residence time, reactor type, and catalyst dose are also investigated in this review paper. In addition, the application of reaction products is also described in brief. For example, plasto-oil obtained by catalytic pyrolysis may be utilized in various sectors, e.g., transportation, industrial boilers, and power generation. On the other hand, byproducts, such as solid residue (plasto-char), could be used as a road construction material or to make activated carbon or graphenes, while the non-condensable gases have a good potential to be utilized as heating/energy source.