Plastics are cheap, lightweight, and durable and can be easily molded into many different products, shapes, and sizes, hence their wide applications globally, leading to increased production and use. Plastic consumption and production have been growing since its first production in the 1950s. About 4% of global oil and gas production is being used as feedstock for plastics, and 3–4% is used to provide energy for their manufacture. Plastics have a wide range of applications because they are versatile and relatively cheap. This study presents an in-depth analysis of plastic solid waste (PSW). Plastic wastes can be technically used for oil production because the calorific value of the plastics is quite comparable to that of oil, making this option an attractive alternative. Oil can be produced from plastic wastes via thermal degradation and catalytic degradation, while gasification can be used to produce syngas. Plastic pyrolysis can be used to address the twin problem of plastic waste disposal and depletion of fossil fuel reserves. The demand for plastics has continued to rise since their first production in the 1950s due to their multipurpose, lightness, inexpensiveness, and durable nature. There are four main avenues available for plastic solid waste treatment, namely, reextrusion as a primary treatment, mechanical treatment as secondary measures, chemical treatment as a tertiary measure, and energy recovery as a quaternary measure. The pyrolysis oil has properties that are close to clean fuel and is, therefore, a substitute to fresh fossil fuel for power generation, transport, and other applications. The study showed that plastic wastes pyrolysis offers an alternative avenue for plastic waste disposal and an alternative source of fossil fuel to reduce the total demand of virgin oil. Through plastic pyrolysis, plastic wastes are thermally converted to fuel by degrading long-chain polymers into small complex molecules in the absence of oxygen, making it a technically and economically feasible process for waste plastic recycling. The process is advantageous because presorting is not required, and the plastic waste can be directly fed without pretreatment prior to the process. Products of plastic pyrolysis are pyrolysis oil, a hydrocarbon-rich gas, with a heating value of 25–45 MJ/kg, which makes it ideal for process energy recovery. Hence, the pyrolysis gas can be fed back to the process to extract the energy for the process-heating purpose, which substantially reduces the reliance on external heating sources.