Liquid-phase catalytic degradation of waste high-density polyethylene (HDPE) over ZSM-5 (powder type (PW)) and ZSM-5+binder (granule type (GR)) has been investigated with a stirred semi-batch operation at 400°C. Two ZSM-5 catalysts with a different crystal size were synthesized and also each ZSM-5 (25%) Catalyst was mixed with a same binder (kaolin: silica sol: alumina = 55%:10%:10%). The performance of prepared catalysts that has different physicochemical properties was discussed with the cumulative amount distribution, molecular weight distribution and also paraffin, olefin, naphthene and aromatic (PONA) distribution in liquid product. These liquid product quality and distributions were changed depending on the physicochemical properties of the catalyst. Moreover, the characteristic of ZSM-5 in the catalyst was strongly influenced on the activity and PONA distribution in liquid product.