The increasing demand for plastics for their widespread applications has ultimately resulted in accumulation of substantial plastic waste, which remains a concern due to limited efforts, inadequacy, and environmental distresses of conventional techniques for waste plastics remediation. The enhanced production of raw materials for polymer syntheses has a dual impact on our ecosystem by causing rapid depletion of nonrenewable petroleum resources and waste generation. To address this situation, researchers have adopted advanced thermochemical recycling processes to produce intermediate products of the petrochemical industries including monomers, fuels, and other value-added products. Such practices can potentially serve the purpose of a circular economy. This review aims to cover the recent highlights in the field of waste plastics pyrolysis including critical observations from the past to provide precise understanding. Consequently, the reactivities and product distributions for plastic feeds, pyrolysis reactors, roles of catalysts, and effects of operating parameters on reactivity and selectivity have been covered. Coprocessing of plastic waste with radioactive materials, biomass, and heavy petroleum residue is also discussed. Furthermore, an overview on kinetics and mechanistic aspects of plastic pyrolysis is presented with a discussion on relevant analytical techniques. The applications of pyrolysis oil as a fuel or fuel additive are comprised in a separate section. Lastly, comparisons of existing chemical recycling technologies, summaries of commercial operations, and future projections are provided.