Waste printed circuit boards (WPCBs) hold great recycling value, but improper recycling can lead to environmental issues. This study combines pyrolysis and microwave technologies, leveraging the unique phenomenon where metal materials tend to “spark” in a microwave field, to develop a microwave pyrolysis process for WPCBs that incorporates metal fillers. The research analyzes the effects of microwave power, metal filler addition, and pyrolysis time on the efficiency of microwave pyrolysis. It explores the mechanisms of microwave pyrolysis and the pathways of pyrolysis product formation, and the kinetics of the pyrolysis reaction of WPCBs. The results indicate that microwave-assisted pyrolysis greatly improves efficiency. Within the experimental range, the optimal conditions are found to be a microwave power of 1600–1800 W, a metal filler addition of 10%, and a pyrolysis time of 10 min. Under these conditions, the yield of pyrolysis liquid was 12.8%, with approximately 5–12 different components, while the yield of pyrolysis gas was 12.7–13.4%, with about 9–11 different components. Compared to conventional pyrolysis products, the liquid products from microwave pyrolysis are simpler and more advantageous for resource utilization. Theoretical calculations show that the average activation energy for the microwave pyrolysis process is 81.05 kJ/mol, with an average reaction order of 0.93, which is greatly better than the 147.75 kJ/mol of the conventional pyrolysis process.