Thermal cracking is a process that breaks down heavy hydrocarbon molecules into lighter products like gasoline. It involves heating residues from crude oil distillation under pressure without a catalyst. There are different types of thermal cracking processes, including visbreaking which mildly cracks residues into fuel oil, and coking which fully converts residues into lighter products and coke. Thermal cracking is an older process that produces more olefinic and aromatic products compared to catalytic cracking.