Microplastics can accumulate in the excess sludge from wastewater treatment plants through domestic wastewater. This study investigated the co-pyrolysis behavior of sewage sludge coexisting with two types of microplastics (polyethylene (PE) and polylactic acid (PLA)) and found a superior comprehensive pyrolysis performance. By calculating the difference between theoretical and experimental weight loss during the pyrolysis process, it was found that the incorporation of microplastics PE and PLA created a synergistic effect at 270°C–450 °C, which was confirmed through the Malek method analysis from a pyrolysis mechanism perspective that it could increase the random nuclei on each particle, that is, enhance the heterogeneous diffusion of volatiles. The average activation energy was reduced by 84.99 kJ/mol, as determined using three isoconversional methods: Flynn-Wall-Ozawa (FWO), Kissinger-Akahira-Sunose (KAS), and Starink. Regarding the products, the aforementioned synergistic effect led to a reduction in char retention and larger specific surface area of the biochar, while the quantities of gaseous products and bio-oil escalated. Through a thermogravimetric analyzer and Fourier transform infrared spectroscopy (TG-FTIR), an increase in aromatic hydrocarbons, alkanes, aldehydes, ethers, and esters in the gaseous products were detected. Pyrolysis-gas chromatography/mass spectrometry (Py-GC/MS) revealed an increase in hydrocarbons, esters, and alcohols in the bio-oil, and acids and aldehydes decreased, overall enhancing the quality of the bio-oil. This study elucidated that pyrolysis completely transformed microplastics in sludge, thus eliminating environmental risks and provided a theoretical reference for understanding the pyrolysis behavior of sludge containing microplastics.