The present invention relates to a method for preparing polyethylene wax by using waste polyethylene plastic. The method comprises: sequentially adding 100 g of waste polyethylene plastic, 15 mL of a solvent and 0.3 g of a catalyst to an autoclave, heating to a reaction temperature while stirring under the protection of nitrogen gas, cracking for a certain time, cooling to a room temperature, discharging the material, filtering, drying, and recovering the catalyst and the solvent to obtain the polyethylene wax, wherein the solvent is the petroleum refining byproduct heavy aromatic oil, the catalyst is Al-MCM-48, the reaction temperature is usually the temperature from the raw material melting point to 420 DEG C, and the cracking time is 1-5 h. According to the present invention, the heat transfer is quick and uniform, the cracking temperature is low, the time is short, the raw material conversion rate is high, the occurrence of the phenomena such as raw material winding aggregation and excessive cracking and carbonization coking caused by local overheating can be effectively prevented, and the product has characteristics of narrow molecular weight distribution, shallow color, high drop melting point, high hardness, low viscosity and the like.