The demand for engineering plastics, such as polyoxymethylene (POM), used in the electronics and automotive industries is increasing rapidly. It is becoming increasingly important to reduce the adverse effects of waste plastics on the environment and ecosystem and to achieve the goals of the circular economy. Pyrolysis, gasification, hydrothermal conversion, solvolysis, and electrochemical depolymerization have been widely studied as chemical methods to manage plastic waste. Chemical recycling is a representative and effective approach to recover monomers or syngas from plastic waste. This paper reviews the properties of POM waste, various reaction mechanisms and options of chemical recycling with major studies. In addition, the economic feasibility of chemical recycling of plastic waste is discussed. Finally, opportunities and future challenges regarding the chemical recycling of POM waste are suggested.