The apparatus for thermolysis of waste plastics has a feeding system, a thermolysis reactor, an external circulation loop, and a product collecting system. The collecting and two-step product separation system includes a condenser, a product cooling system, a light fraction receiver with a gaseous product removing system, a crude heavy fraction receiver, and a vacuum evaporator. In the plastic waste thermolysis method, product vapors are removed continuously from the reactor and conducted to the condenser for condensation of vapors to yield a product mixture, which is separated into light oil and crude heavy oil. The light oil is conducted to the light oil receiver and a light oil tank for further processing. The crude heavy oil is pumped to a vacuum evaporator through a heat exchanger for separating into wax and heavy oil for further processing.