SummaryChina produces and consumes a large amount of batteries annually, which leads to many waste batteries needing to be recycled. The collection and recycling system of primary, alkaline secondary, and lithium-ion secondary batteries in China is particularly poor, and waste battery recycling enterprises generally sustain economic losses if they solely use waste batteries as raw materials. Increasing the profits of waste battery recycling systems is a key problem that needs to be considered. This article quantitatively analyzes waste battery generation in China by using annual sales data and probable lifetime distribution of various batteries. The results show that the rapid growth of battery usage has led to an increased generation of waste batteries and the percentage of different types of waste batteries is changing over time. In 2013, the total quantity of all waste batteries in the medium lifetime scenario reached 570 kilotons, of which primary, alkaline secondary, and lithium-ion secondary waste batteries accounted for approximately 36%, 28%, and 35%, respectively. Based on a real-world case study of a typical domestic waste battery recycling enterprise in China, material flow analysis and cost-benefit analysis were conducted to study the development of the recycling process of comingled waste batteries. Through scenario analysis, we conclude that increasing the use of waste batteries as raw materials and the recycling of other materials that are less valuable reduces the profits of the waste battery recycling enterprise. Higher profits can be achieved by adding the production of high valueadded downstream products and government support. At the same time, the essential role of the government in developing a waste battery recycling system was identified. Finally, relevant suggestions are made for improvements in both the government and enterprise sectors.