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Abstract The current change in battery technology followed by the almost immediate adoption of lithium as a key resource powering our energy needs in various applications is undeniable. Lithium-ion batteries (LIBs) are at the forefront of the industry and offer excellent performance. The application of LIBs is expected to continue to increase. The adoption of renewable energies has spurred this LIB proliferation and resulted in a dramatic increase in LIB waste. In this review, we address waste LIB collection and segregation approaches, waste LIB treatment approaches, and related economics. We have coined a “green score” concept based on a review of several quantitative analyses from the literature to compare the three mainstream recycling processes: pyrometallurgical, hydrometallurgical, and direct recycling. In addition, we analyze the current trends in policymaking and in government incentive development directed toward promoting LIB waste recycling. Future LIB recycling perspectives are analyzed, and opportunities and threats to LIB recycling are presented.