One possible process for recovering valuable chemical and petrochemical products from plastic waste is the stepwise thermal degradation of polymer mixtures. This potentially allows the step by step simultaneous separation of the different product fractions generated by the polymers of the blend. The aim of this paper is to investigate the effect of the mixing scale of the polymers and their interactions in the melt. Several thermogravimetric analyses were performed on small samples of polyethylene (PE) and polystyrene (PS) mixtures. Two types of operating conditions were adopted: the first one is a dynamic analysis with a linear increase of the temperature over time, the latter consists of two sequential isothermal steps. The experimental results confirm that if the mixing scale is poor, the decomposition of each polymer behaves independently of the presence of the other one. Conversely, when the mixing of the two polymers reaches the molecular scale, a co-pyrolysis takes place with partial interactions. A two phase system is assumed: one phase characterized by a larger PS fraction, the other one by a prevailing PE amount. In order to properly predict the kinetic interactions typical of the mixed phases, it was necessary to extend the detailed kinetic model already developed and validated for the single polymers. The resulting two phase model gives a satisfactory explanation of several experimental data from the thermal degradation of PE–PS mixtures.