Lithium-ion batteries (LIBs) are being used in several applications such as consumer gadgets, electric vehicles, and renewable energy storage systems now days. This widespread use of these batteries has increased battery waste and created severe environmental and financial issues. Considering these issues, this review article is focus to throw light on the existing methods for recovering spent batteries. These methods are effective in recovering precious components including graphite, manganese, lithium, cobalt, and nickel making them available to reuse. Thus, these methods are able to resolve both environmental and financial crises. The review also discusses these recovery systems' scalability, economic feasibility, and safety factors, offering insights into the potential futures for battery recycling technologies. This review seeks to support the advancement of sustainable and effective recycling techniques for spent batteries by assessing the most recent recovery approaches and highlighting important opportunities and challenges. In the end, this will help to promote the circular economy and lessen the environmental impact of battery production and disposal.