Nuclear fuel is both the densest form of energy in its virgin state and, once used, one of the most hazardous materials known to humankind. Though commonly viewed as a waste—with over 300,000 tons stored worldwide and an additional 7–11,000 tons accumulating annually—spent nuclear fuel (SNF) represents a significant potential source of scarce, valuable strategic materials. Beyond the major (U and Pu) and minor (Np, Am, and Cm) actinides, which can be used to generate further energy, resources including the rare earth elements (Y, La, Ce, Pr, Nd, Pm, Sm, Eu, Gd, and Tb), platinum group metals, (Ru, Rh, Pd, and Ag), noble gases (He, Kr, and Xe), and a range of isotopes useful for medical and energy generation purposes are also produced during fission. One reason for the accumulation of so much SNF is the low uptake of SNF recycle (or reprocessing), primarily due to the high capital and operational costs alongside concerns regarding proliferation and wastes generated. This study will highlight the predominantly overlooked potential for the recovery of strategic materials from SNF, which may offset costs and facilitate advanced waste management techniques for minimised waste volumes, thus increasing the sustainability of the nuclear fuel cycle on the path towards Net Zero. Potential challenges in the implementation of this concept will also be identified.