To recycle collected high-impact polystyrene (HIPS) wastes as liquid fuel, depolymerization characteristics of HIPS by pyrolysis was studied. The effects of temperature and time on the pyrolysis of HIPS were investigated. The depolymerization temperature and activation energy of HIPS pyrolysis increased with increasing heating rate. In general, conversion and liquid yield gradually increased with pyrolysis temperature and pyrolysis time. Each liquid product formed during pyrolysis was classified into gasoline, kerosene, light oil and heavy oil according to the distillation temperature based on the petroleum product quality standard of Korea Petroleum Quality Inspection Institute. As a result, the amount of liquid products produced during HIPS pyrolysis was in the order of gasoline》heavy oil〉kerosene〉light oil. Especially 51${pm}$6 wt% of HIPS treated was obtained as gasoline.