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Abstract Use of plastics faces much criticism because of its shocking and increasing impact on the environment. But banning plastic will not help the environment. Only appropriate recycling of plastic waste can give satisfying solution. A lab‐scale chemical recycling method, in which a mixture of plastic wastes and plant oil is continuously cracked into ethylene, propylene, and other useful chemicals by using microwave‐assisted high‐temperature pyrolysis, is developed. The method has delivered interesting leads that provide the basis for setting up a new process. Based on the encouraging results, a “drop‐in” method for a renewable and circular polymer industry is also proposed. If it is commercially realized, plastic waste and plant oils will be the feedstock for the polymer industry and this industry will become renewable and circular.