A large deal of knowledge about recycling offers hope for the future in this day and age when trash resulting from several systems or items is a major concern. This article compiles and presents to the readers the most recent research on the recycling of active elements in Li-ion batteries, the widely used energy storage devices in recent years. At this stage, as a critical examination of the literature, current techniques and procedures for recycling frequently used Li-ion battery types, including LCO, LFP, LMO, NMC, and NCA batteries, are discussed. In general, data on the recycling effectiveness of the three types of recycling processes—pyrometallurgy, hydrometallurgy, and mechanical separation—as well as any reuse of recovered materials have been collated and presented. It is intended that this review article would aid readers' studies and researches because the significance of recycling used Li-ion batteries is growing every day.