Supercritical water (SCW) treatment of plastics is a clean technology in the ‘waste-to-energy’ path. In this work, PP and PET plastics were processed by sub-/supercritical water. The results showed that temperature was the most important factor of the PP and PET degradation. The influence of factors on the degradation of plastics follows the following order: temperature > residence time > plastic/water ratio. These factors influenced the yield of gas products by promoting or inhibiting various reactions (such as reverse water gas shift reaction, methylation reaction, and Fischer-Tropsch synthesis reaction). Besides, the composition of liquid oil was also analyzed. The main composition of the liquid oil produced by PET was benzoic acid and acetaldehyde, which were generated from the decarboxylation of terephthalic acid (TPA) and dehydration reaction of ethylene glycol (EG). The liquid oil from PP was mainly long-chain olefins, long-chain alkanes, cycloalkanes, etc., which were formed by the interaction of various methyl, alkyl, hydroxyl, and other free radicals. This study could build fundamental theories of plastic mixture treatment.