The management of tire residues is still a challenge for the industry and governments due to the great volume occupied by the tires and the difficulty of recycling associated with the intricate structure. Thermal degradation is a promisor via to avoid the improper disposal of scrap tires. The waste tire conversion into chemicals by means of pyrolysis yields high added-value products that can be used as reaction precursors and fuels. Tire-derived pyrolysis oil can also be mixed with conventional fossil fuels, producing blends with improved fuel properties and reduced cost. This survey describes the tire compound and the feasibility to convert scrap tire into chemical components as an alternative recycling method, focusing on the tire-derived oil. Pyrolysis is discussed as a method to the tire recovery and reuse, preventing environmental damages and contributing to the sustainable cyclic process. The liquid fraction derived from tire pyrolysis is a complex mixture containing valuable compounds, such as alkyl and alkenyl hydrocarbons, polycyclic aromatics, and terpenes. The assessment of the main properties of tire-derived fuels for industrial and automotive applications are highlighted.