Poly (ethylene terephthalate) (PET) is a versatile polyester, widely used in large volumes in production of bottles, tapes, food packaging etc. The non-biodegradability and wide-spread application of PET creates huge amount of waste. The increased environmental awareness, legislative measures, and public demand for environmental sustainability are leading to noticeable interest in utilization of PET waste. In paper, the chemical recycling method of PET into bis(2-hydroxyethyl terephthalate) (BHET) using excess ethylene glycol and zinc acetate (trans-esterification catalyst) has been reviewed. The process of utilization of PET waste into high value-added product (urethane oil) has also been described (waste to wealth).