The continuous rapid growth in the use of lithium-ion batteries (LiBs) for electric vehicles (EVs) and portable electronic devices has resulted in even increasing demands for lithium and other metals related to their production. This, in turn, has led to the generation of continuously increasing and alarming number of spent LiBs. [1] Spent LiBs contain heavy metals like cobalt, nickel, and manganese, thereby posing a significant environmental hazard if not managed accordingly [2]. However, these metals along with lithium are considered valuable and their recovery is deemed beneficial. Recycling of spent LiBs helps minimize pollution from their toxic components, while simultaneously recovering the contained valuable metals. [3] This paper provides a comprehensive view on the current state of LiB recycling technologies for recovering valuable metals, highlighting the strengths and weaknesses of each approach in terms of efficiency and feasibility. Specifically, pyrometallurgical and hydrometallurgical processes, as well as direct recycling [4] are thoroughly discussed and evaluated, addressing problems and challenges. Moreover, the current and future market trends and regulatory landscape will be presented and examined. Additionally, recent advancements and prospects in the field are discussed.