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This work is concerned with polyethylene terephthalate (PET) saponification by different potassium compounds in various polyols as well as biodiesel’s main by-product, crude glycerol. It was established that reaction conditions (initial PET/K+ molar ratio, reaction time, etc.) could control the molecular weight of obtained oligomeric products. In ethylene glycol, depolymerization proceeds rapidly, and already at 10–30 min, PET is completely dissolved in the reaction mixture with the formation of liquid oligomers. Then, these oligomers react with potassium compounds, and after 200 min of the process, there are only solid, low-molecular-weight products (dipotassium terephthalate, monomers, and dimers). At the same time, PET saponification in pure glycerol is less effective, and solid polyether flakes could not fully decompose even after 200 min of the process. Crude glycerol takes the middle position between pure polyols. Based on the obtained data, an improved kinetic model was developed, and rate constants were estimated. This model takes into account PET saponification by potassium salts as well as direct PET glycolysis. Ethylene glycol is formed in situ by transesterification between fatty acid ethylene glycol esters and glycerol in the case of pure and crude glycerol.