Waste platinum (Pt) catalyst has a high carbon (coke) content, making it an excellent catalytic material for converting microwave energy into the heat energy required for ethylene and propylene formation. The dielectric constant and dielectric loss of waste Pt are 11.7 and 13.7 F/m, respectively. In this research, we use waste Pt catalyst to produce high-value gases through microwave radiation under a microwave power of 450 W and an irradiation time of 9 h with an influent volumetric C3H8/O2 ratio of 1:1. The yields of H2, ethylene, and propylene were 4.4, 22.3, and 37.3%, respectively. In addition, the density of the coke increased from 30.5 to 37.8 wt% during the microwave reaction. Therefore, the utilization of waste Pt catalyst to produce ethylene and propylene by microwave radiation can not only produce high-value gases (ethylene and propylene) but also be used as a strategy to recycle and reuse waste resources.