With the increasing demand for cellulose acetate (CA) in industrial and daily applications, the disposal of its waste has emerged as an environmental concern. In this study, a novel and sustainable method for value-added utilization of waste CA was proposed, which involved NaOH pretreatment and subsequent catalytic pyrolysis using phosphoric acid-activated carbon (PAC) to prepare levoglucosone (LGO). The effects of pretreatment temperatures and NaOH concentrations on the physicochemical characteristics of CA were thoroughly investigated. Furthermore, the pyrolysis-gas chromatography/mass spectrometry (Py-GC/MS) experiments were conducted to methodically assess the impacts of both pretreatment and pyrolysis conditions on the production of LGO. The results indicated that NaOH pretreatment could effectively hydrolyze the ester bonds in CA, leading to the removal of acetyl groups and a decrease in thermal stability. At a pretreatment temperature of 40 °C, a NaOH concentration of 0.5 mol/L, a catalyst/sample ratio of 1/3, and a pyrolysis temperature of 400 °C, the LGO yield could reach 11.52 wt%, much higher than that obtained from catalytic pyrolysis of CA (2.70 wt%). This study provides an efficient method for treating waste CA and demonstrates its potential for conversion into high-value chemicals, laying a solid foundation for the green recycling of waste plastics.