This paper attempted to elucidate pyrolysis reaction characteristics of waste paper laminated phenolic-printed circuit board (p-PCB). Thermogravimetric analysis was performed for the pyrolysis kinetic analysis of waste p-PCB and Pyrolyzer-gas chromatography/mass spectrometry (Py-GC/MS) was also employed to analyze the product distribution of waste p-PCB pyrolysis reaction under isothermal condition (230, 350, 600oC). Kinetic analysis and isothermal Py-GC/MS results showed that the pyrolysis reaction of waste p-PCB has three reaction temperature regions: 1) low temperature decomposition region (< 280oC), 2) medium temperature decomposition region (280 ~ 380oC), 3) high temperature decomposition region (> 380oC). At the first region, triphenyl phosphate used as fire retardant, water, and phenol were vaporized. At the second region, phenolic resin, tetrabromobisphenol-A (TBBA), and laminated paper are decomposed and produce phenols, brominated compounds, and levoglucosan which were the specific pyrolysis reaction products of phenolic resin, TBBA, and laminated paper, respectively. In the final region, cresol and alkyl benzene were detected which can be considered as the decomposition products of phenolic resin. By above results, pyrolysis reaction pathway of waste p-PCB is accounted for a series reaction with four independent reactions of phosphate based frame retardant, TBBA, laminated paper, and phenolic resin.