Methanolytic depolymerization of polyethylene terephthalate (PET) was carried out in a stainless stirred autoclave at temperatures of 523–543 K, pressures of 8.5–14.0 MPa, and with a weight ratio of methanol to PET from 3 to 8. The solid products mainly composed of dimethyl terephthalate and small amounts of methyl-(2-hydroxyethyl) terephthalate, bis (hydroxyethyl) terephthalate, dimers and oligomers were analyzed by high performance liquid chromatography (HPLC). The liquid products composed of ethylene glycol and methanol were analyzed by gas chromatography (GC). It was found that both the yield of dimethyl terephthalate and the degree of PET depolymerization were seriously influenced by the temperature, weight ratio of methanol to PET, and reaction time, whilst the pressure has insignificant influence when it is above the critical point of methanol. The optimal depolymerization conditions are temperature of 533–543 K, pressure of 9.0–11.0 MPa, and the weight ratio (methanol to PET) from 6 to 8. The depolymerization of several PET wastes collected from the Chinese market was investigated under the optimal conditions.