Experimental studies of the steam pyrolysis of oil sludge were performed using a flow-type pilot plant with 300 kg/h capacity (raw material) to obtain energy-valuable products, such as liquid hydrocarbons (30.4 wt%), semi-coke (39.6 wt%), non-condensable gas-phase compounds (26.5 wt%), and bitumen (3.5 wt%). The pyrolysis process was conducted at a temperature of 650 ° C and with a steam flow rate of 150 kg/h. Liquid hydrocarbons were considered a target product. Comprehensive studies of their physicochemical characteristics, atomization process, droplet ignition, and combustion were carried out. The studied sample had physicochemical characteristics similar to traditional fuel oil (calorific value—42.6 MJ/kg, sulfur content—0.8 wt%). The jet spraying angle was 25° in view of the improved rheological properties of the test sample, with a homogeneous jet structure and a predominant droplet diameter of no more than 0.4 mm. The flame combustion process was accompanied by the formation of microexplosions, the frequency and intensity of which depended on the temperature of the air (Tg = 450–700 °C). This study, in view of its applied nature, is of interest in the design of new installations and technological systems for hydrocarbon pyrolysis.