In terms of the sustainable development for polymeric materials the recovery of plastic waste by means of mechanical recycling is a favorable technique. The largest part of the collected plastic municipal solid waste fraction consists of packaging materials, e.g., polypropylene (PP) and polyethylene. A major drawback to the increased use of recycled polymers is the lack of knowledge about the property changes and the overall quality of the recyclates, e.g., the degree of degradation, mixing, and contamination. This article presents a test protocol for description of the mechanical, physical, and chemical property changes during recycling and service life by combining several reprocessing cycles and thermooxidation. The test protocol was designed to mimic the degradation mechanisms potentially occurring in the materials during the service life and the reprocessing. Virgin PP and HDPE were multiply processed by injection molding. Service life of plastic materials was modeled by accelerated thermal degradation of one time processed materials. Tensile testing, MFR, HT-SEC, DSC, FTIR, and SEM were used to analyze material changes. In parallel, a set of industrially recycled PP and HDPE were also subjected to the same analyses. The results proved that recycled plastics maintain the majority of the material properties even when reprocessed several times. It was demonstrated that the mechanical and thermal properties of PP and HDPE were preserved also after several reprocessing steps. Initiation of degradation was observed for PP but not for HDPE. A decrease in M w of PP from 240,000 to 190,000 (six times reprocessed) was established, this corresponds to an increase in MFR from 8 to 18 g/10 min. By FTIR, it was shown that the carbonyl index increased. The loss of stabilizers affects the properties of the final product. In comparison, industrially recycled PP and HDPE presented to some extent poorer mechanical properties than the materials subjected to model recycling.