The primary challenges in ex-situ catalytic pyrolysis of plastic waste to produce light olefins lie in the selective conversion of larger olefins and diolefins downstream of the pyrolyzer. Hence, the catalytic cracking mechanism of plastic pyrolysis oil was explored using an α-olefin (1-decene) and a diolefin (1,9-decadiene) model compounds over an HZSM-5 zeolite-based catalyst in a fixed-bed reactor. Key objectives were to elucidate the reaction pathways for light olefin production, aromatization, and coke formation in catalytic cracking of larger olefins and diolefins. The investigation explored the impact of HZSM-5 steam treatment severity, contact time (∼58–226 ms), and reaction temperature (250–450 °C) on product yields. The severity of steam treatment was found to increase the 1-decene isomerization rate while decreasing the cracking rate and conversion of 1-decene to C3-4 light olefins. In the catalytic cracking of 1-decene, major product types included olefins (linear and nonlinear) and a few naphthenes, while in the case of 1,9-decadiene catalytic cracking, non-linear olefins were absent, with abundant naphthenes followed by lighter diolefins and C3-5 linear olefins. Temperature and contact time variations revealed that the catalytic cracking of 1-decene initiated with double bond rearrangement isomerization, progressing to skeletal isomerization, and intensified cracking reactions producing light C3-4 olefins. Conversely, in the catalytic cracking of 1,9-decadiene, cyclization was the primary reaction pathway, followed by β-scission, resulting in lighter conjugated dienes and light linear olefins. Thermal gravimetric analysis (TGA) of spent catalysts confirmed a higher coke amount generated during 1,9-decadiene cracking compared to 1-decene cracking, indicating that diene compounds serve as precursors for significant coke formation in plastic pyrolysis oil. These insights provide valuable understanding for catalytic upgrading of pyrolysis oil from polyolefin pyrolysis.