Chemical recycling is considered one of the most sustainable solutions to limit the environmental issues related to plastic waste pollution, whereby plastic is converted into more valuable compounds when mechanical recycling is not feasible. Among the most critical fast-growing components of municipal solid waste, polystyrene represents 1/3 of the filling materials in landfills. In this work, the chemical recycling of polystyrene via two main thermochemical processes is investigated: pyrolysis and hydrothermal liquefaction (HTL). The influence of temperature (HTL: 300–360 °C and pyrolysis: 400–600 °C) and reaction time (HTL: 1–4 h; pyrolysis: 30 min) on the products obtained was studied. The obtained liquid and solid products were analyzed by using gas chromatography-mass spectrometry (GC-MS), an elemental analysis (EA), Fourier-transform infrared spectroscopy (FT-IR) and a thermogravimetric analysis (TGA). During HTL, a temperature of 360 °C and reaction time of 4 h were needed to completely decompose the polystyrene into mainly oil (83%) and water-soluble compounds (10%). The former was mainly composed of aromatics while the water phase was mainly composed of aromatics and oxygenated compounds (benzaldehyde and acetophenone). The pyrolysis led to the formation of 45% gas and 55% oil at 500 °C, and the oil was 40% styrene. Pyrolysis was thus more selective towards the recovery of the styrene monomer while the HTL can be an effective process to produce renewable aromatics.