This paper reviews the state of the art in the field of chemical recycling of poly(ethylene terephthalate) (PET). Advantages of the chemical recycling of PET, the theoretical basis of the ester bond cleavage, and a wide spectrum of degrading agents and final products are presented. Chemical processes applied in polymer recycling are divided into six groups : methanolysis, glycolysis, hydrolysis, ammonolysis, aminolysis, and other methods. Numerous possibilities for the utilization of waste PET as a very useful raw chemical material are described on the basis of literature. A comparison of chemical recycling methods is carried out. The following aspects were taken into consideration : (i) flexibility in utilizing a variety of waste types, (ii) conditions necessary for degradation including safety requirements, (iii) economic aspects, and (iv) product versatility. A total of 108 references including 46 patents are cited in this paper.