The production of high-performance, low-cost warm mix additives (WMa) for matrix asphalt remains a challenge. The pyrolysis method was employed to prepare wax-based WMa using waste polypropylene plastic (WPP) as the raw material in this study. Penetration, softening point, ductility, rotational viscosity, and dynamic shear rheological tests were performed to determine the physical and rheological properties of the modified asphalt. The adhesion properties were characterized using the surface free energy (SFE) method. We proved that the pyrolysis temperature and pressure play a synergistic role in the production of wax-based WMa from WPPs. The product prepared at 380 °C and 1.0 MPa (380-1.0) can improve the penetration of matrix asphalt by 61% and reduce the viscosity (135 °C) of matrix asphalt by 48.6%. Furthermore, the modified asphalt shows favorable elasticity, rutting resistance, and adhesion properties; thus, it serves as a promising WMa for asphalt binders.