The pyrolysis of poly (ethylene terephthalate) (PET) in the presence of ZSM-5 zeolite and NiCl2 as a catalyst was studied at different temperatures under N2 atmosphere. Quantitative 13C nuclear magnetic resonance (NMR) and Fourier transform infrared spectroscopy (FT-IR) were applied to characterize the waxy and solid residue. The carboxyl and aliphatic hydroxyl groups in the waxy residue have been greatly depleted after the use of zeolite during pyrolysis on the basis of the results of 13C NMR and FT-IR analysis. The proportion of aromatic hydroxyl groups increased by 21.82% when the mass ratio of zeolite to PET was set to 2.0/1.0. The results indicate that ZSM-5 is able to facilitate the decomposition of carboxyl, aliphatic groups, and ether bonds in the primary products produced from the pyrolysis of PET. In addition, the deoxygenation effects on the waxy products have been significantly enhanced with the addition of zeolite based on the results of NMR.