With the rapid development of the new energy vehicle industry, the number of power battery decommissioning is increasing year by year. The recycling of power batteries is of great significance for protecting the ecological environment, improving the efficiency of resource utilization, and ensuring the sustainable and healthy development of the new energy automobile industry. In this study, the chemical compositions of power batteries were introduced, the technical path and development status of the echelon utilization of decommissioned power batteries were discussed, and the specific steps and challenges of regenerative utilization of decommissioned power batteries were described in detail from two aspects of pyrometallurgy and hydrometallurgy. Combined with the relevant research results, the main methods of the direct regeneration of positive electrode materials were analyzed. Finally, the main development direction and related suggestions for the resource utilization of decommissioned power batteries were put forward.