To address the issue of excess carbon emissions, China has outlined peaking the carbon emissions and achieving neutrality of carbon goals. New energy storage devices thus have been popularly developed in the past decade. Lithium‐ion batteries(LIBs) have emerged as the most prevalent devices in our daily routines. In the coming decades a huge amount of LIBs will be retired. Spent LIBs are endowed with valuable metal elements that are potentially recyclable. This paper is intended to review the recent studies on the recovery of lithium(Li) and cobalt(Co) from spent LiCoO2 batteries. This paper pays much attention to the hydrometallurgical, pyrometallurgical approaches to recycle lithium and cobalt from spent LIBs including leaching, reducing, and extracting by various inorganic or organic agents in hydrometallurgical methods and different kinds of reductants in pyrometallurgical methods. Last but not least, electrochemical methods, mechanochemistry and biometallurgy are focused for reviewing emerging, low‐cost, environmentally friendly methods. Hopefully, this review can inspire to further studies on recycling lithium and cobalt from spent LiCoO2 LIBs.