ABSTRACT Waste polyethylene terephthalate (PET) was upcycled into a bifunctional porous carbon (PET‐C‐1) through base‐catalyzed hydrolysis followed by one‐step pyrolysis. The hydrolysis‐derived potassium terephthalate precursor suppressed aromatic carbon loss and promoted in situ pore development, yielding PET‐C‐1 with a BET surface area of 1149 m 2 g −1 , a pore volume of 1.11 cm 3 g −1 , and partially graphitized framework. The carbonization process also generated H 2 ‐ and CO‐containing gas products, suggesting the possibility of additional product valorization. The PET‐C‐1 exhibits rapid adsorption of organic dye malachite green (MG) and acts as a metal‐free catalyst for H 2 O 2 activation and oxidative degradation of MG. Complete removal of 50 ppm MG from water was achieved within 8 min. Mechanistic studies suggest that the PET‐C‐1/H 2 O 2 system proceeds mainly through a surface‐mediated nonradical electron‐transfer pathway rather than a conventional ·OH‐dominated Fenton process. This work demonstrates a feasible route for converting waste PET into functional carbon catalysts and highlights the potential of plastic‐derived carbons for adsorption‐coupled oxidative water treatment.