The exhaustion of fossil energy and the severe pollution induced by using plastics has forced people to embark on the road to sustainable development. The high value of the recycling of plastics has become an important part of energy conservation. Microwave treatment, owning specific interactions between the electric field and the molecules of treated materials, presents potential advantages in the application of plastic pyrolysis. Therefore, the research status of the microwave-assisted pyrolysis (MAP) of plastics to produce high-value-added liquid oil, gas, and solid carbon was reviewed in this paper. The effects of plastic properties, microwave treatment parameters, microwave absorbers, co-pyrolysis, catalysts, and reactor devices on the process and the products were analyzed. It is essential to optimize the experimental design by studying microwave-assisted co-pyrolysis technology and the application of catalysts, understanding the mechanism of co-pyrolysis to improve product selectivity. At the same time, the continuous MAP device for large-scale plastics treatment still needs to be developed. In addition, developing a large-scale simulation computing research platform for screening catalysts, optimizing processes, and commercial production is required to make the process more efficient.