Energy has become the backbone of humanities daily activities. Heating, ventilating, and air conditioning systems (HVAC), which consume around 39% of energy in the residential sector, have turned into an essential constituent for providing fresh air, especially after COVD-19, not only in hospitals but also in any simple construction. Thus, decreasing this percentage or recovering part of the energy lost is an essential issue in today’s energy management scenarios. In this context, the present manuscript suggests a comprehensive review, classifications, critical analysis, and potential recommendations for energy recovery in air conditioning systems. It classifies energy recovery into two main categories: using lost energy for external uses, such as heating domestic water, or with other devices; and using lost energy for internal uses, such as the hot airflow which can be reused again for increasing efficiency of HVAC. In addition, this paper presents a summary of previous research and undertakes a review of the devices used for recovering energy. Furthermore, this review identifies superior devices in terms of climate and weather conditions. These objectives are accomplished by investigating around 190 published papers to conclude that energy recovery devices show a considerable effect on energy consumption in HVAC, mainly the heat pipe, fixed plate, and rotary wheel devices.