Polymer waste is currently a big and challenging issue throughout the world. Waste tires represent an important source of polymer waste. Therefore, it is highly desirable to recycle functional fillers from waste tires to develop composite materials for advanced applications. The primary theme of this review involves an overview of developing polystyrene (PS) composites using materials from recycled tires as fillers; waste tire recycling in terms of ground tire rubbers, carbon black, and textile fibers; surface treatments of the fillers to optimize various composite properties; and the mechanical, fire retarding, acoustic, and electromagnetic field (EMI) shielding performances of PS composite materials. The development of composite materials from polystyrene and recycled waste tires provides a novel avenue to achieve reductions in carbon emission goals and closed-loop plastic recycling, which is of significance in the development of circular economics and an environmentally friendly society.