The use of asbestos, once celebrated for its versatility and fire-resistant properties, has left a lasting legacy of environmental degradation and public health risks. This paper provides a comprehensive assessment of the environmental impacts and health risks associated with asbestos, highlighting its widespread use, environmental persistence, and adverse effects on human health. Through a literature review, this study examines the historical context of asbestos use, its adverse environmental effects and the mechanisms by which exposure to asbestos poses significant health risks, including the development of asbestos-related diseases such as mesothelioma, lung cancer, asbestosis, etc. It also assesses the current regulatory framework and provides a methodological analysis of the strategy for recycling end-of-life materials containing asbestos fibers, proposing the inclusion of asbestos-containing materials (ACMs) in the rock wool industry to reduce Greenhouse Gasses (GHG) emissions. Drawing on interdisciplinary insights from environmental science, public health, and regulatory analysis, this paper concludes with recommendations for improving asbestos management strategies, promoting safer alternatives and mitigating the long-term environmental and human health impacts of asbestos.