Driven by various environmental and economic factors, it is emerging to adopt an efficient and sustainable strategy to recycle carbon fibers (rCFs) from carbon fiber-reinforced polymer (CFRP) wastes and reuse them in high-value applications. This review summarized the latest progress of CFRP waste recycling methods (including mechanical, chemical, and thermal methods), discussed their advantages and disadvantages, influence parameters and possible environmental effects, and their potential effects on the mechanical and surface chemical properties of rCFs. In addition, the latest optimization schemes of leading recycling technologies were detailed. According to the literature, CFs are the key points in the structural support of semiconductor-based recyclable photocatalytic systems and the enhancement of performance, which means that rCFs have high reuse potential in sustainable photocatalysis. Therefore, this paper also emphasized the possibility and potential value of reusing recovered fibers for developing recyclable photocatalytic products, which may be a new way of reuse in environmental purification often ignored by researchers and decision-makers in the field of CFs.