The application of waste oils as pyrolysis feedstocks to produce high-grade biofuels is receiving extensive attention, which will diversify energy supplies and address environmental challenges caused by waste oils treatment and fossil fuel combustion. Waste oils are the optimal raw materials to produce biofuels due to their high hydrogen and volatile matter content. However, traditional disposal methods such as gasification, transesterification, hydrotreating, solvent extraction, and membrane technology are difficult to achieve satisfactory effects owing to shortcomings like enormous energy demand, long process time, high operational cost, and hazardous material pollution. The usage of clean and safe pyrolysis technology can break through the current predicament. The bio-oil produced by the conventional pyrolysis of waste oils has a high yield and HHV with great potential to replace fossil fuel, but contains a high acid value of about 120 mg KOH/g. Nevertheless, the application of CaO and NaOH can significantly decrease the acid value of bio-oil to close to zero. Additionally, the addition of coexisting bifunctional catalyst, SBA-15@MgO@Zn in particular, can simultaneously reduce the acid value and positively influence the yield and quality of bio-oil. Moreover, co-pyrolysis with plastic waste can effectively save energy and time, and improve bio-oil yield and quality. Consequently, this paper presents a critical and comprehensive review of the production of biofuels using conventional and advanced pyrolysis of waste oils.