The number of fire and explosion accidents caused by pyrolysis oil and gas at waste plastic pyrolysis plants is increasing, but accident status and safety conditions have not been clearly identified. Therefore, the aim of the study was to identify the risks of the waste plastic pyrolysis process and suggest appropriate safety management measures. We collected information on 19 cases of fire and explosion accidents that occurred between 2010 and 2021 at 26 waste plastic pyrolysis plants using the Korea Occupational Safety and Health Agency (KOSHA) database and media reports. The mechanical, managerial, personnel-related, and environmental problems within a plant and problems related to government agencies and the design, manufacturing, and installation companies involved with pyrolysis equipment were analyzed using the 4Ms of Machines, Management, Man, and Media, as well as the System-Theoretic Accident Model and Processes (STAMP) methodology for seven accident cases with accident investigation reports. Study findings indicate the need for establishing legal and institutional support measures for waste plastic pyrolysis plants in order to prevent fire and explosion accidents in the pyrolysis process. In addition, ensuring safety from the design and manufacturing stages of facilities is essential, as are measures that ensure systematic operations after the installation of safety devices.