Poly(ethylene terephthalate) (PET) is a class of plastic material widely used in modern society, but large amounts of PET waste cause severe environmental problems. Obtained from a PET‐consuming bacterium Ideonella sakaiensis, the enzyme PETase exhibits superb hydrolytic activity and substrate preference toward PET. Here, we summarize some recent advances in the crystallographic analysis of PETase. These reports uncover structural features of PETase that are involved in its catalytic activity. In comparison to homologous enzymes, PETase contains an additional disulfide bond as well as an extended β8‐α6 loop. More importantly, the crystal structures of PETase in complex with substrate and product analogs provide critical information for understanding the mechanism of action of PETase. In particular, the wobbling conformation of W156 is closely related to the binding of substrate and product. These new findings are of great importance for further in‐depth research and engineering development of PETase, and should advance the implementation of plastic biodegradation strategy. Poly(ethylene terephthalate) (PET) plastic material waste causes severe environmental burden worldwide. PET biological decomposition, mediated by a specific enzyme called PETase from a bacterium which can utilize PET as a carbon source, has recently attracted much attention. In this review, the crystal structure of the novel PETase reported from several recent advanced studies is summarized.