With the development of electric vehicles involving lithium ion batteries as energy storage devices, the demand for lithium ion batteries in the whole industry is increasing, which is bound to lead to a large number of lithium ion batteries in the problem of waste, recycling and reuse. If not handled properly, it will certainly have a negative impact on the environment and resources. Current commercial lithium ion batteries mainly contain transition metal oxides or phosphates, aluminum, copper, graphite, organic electrolytes containing harmful lithium salts, and other chemicals. Therefore, the recycling and reuse of spent lithium ion batteries has been paid more and more attention by many researchers. However, due to the high energy density, high safety and low price of lithium ion batteries have great differences and diversity, the recycling of waste lithium ion batteries has great difficulties. This paper reviews the latest development of the recovery technology of waste lithium ion batteries, including the development of recovery process and products. In addition, the challenges and future economic and application prospects are described.