Abstract: An oil extraction system and method for pyrolyzing waste plastic materials are disclosed. The oil extraction system includes: a waste feeding device for supplying waste plastic materials contained in a hopper to a primary pyrolysis chamber through a feed inlet, wherein the primary pyrolysis chamber pyrolyzes the supplied waste plastic materials; a double jacket furnace having a burner and for heating the primary pyrolysis chamber loaded into a burning room of the furnace; a rotation device for rotating the primary pyrolysis chamber loaded into the burning room of the furnace; a secondary pyrolysis chamber for re-pyrolyzing gas produced in the primary pyrolysis chamber, and for separating carbides and residue; a condenser for liquefying the gas separated from the secondary plyrolysis chamber by compression and forming oil; and an oil-water separator for separating oil and water condensed in the condenser.