Waste tires are known as “black pollution”, which is difficult to degrade. The safe handling and recycling of waste tires have always been the focus of and difficulty for the global rubber industry. Pyrolysis can not only solve the problem of environmental pollution but also completely treat the waste tires and recover valuable pyrolysis products. This paper summarizes research progress on the pyrolysis of waste tires, including the pyrolysis mechanism; the important factors affecting the pyrolysis of waste tires (pyrolysis temperature and catalysts); and the composition, properties, and applications of the three kinds of pyrolysis products. The composition and yield of pyrolysis products can be regulated by pyrolysis temperature and catalysts, and pyrolysis products can be well used in many industrial occasions after different forms of post-treatment.