The interest in metal sulfide precipitation has recently increased given its capacity to efficiently recover several metals and metalloids from different aqueous sources, including wastewaters and hydrometallurgical solutions. This article reviews recent studies about metal sulfide precipitation, considering that the most relevant review article on the topic was published in 2010. Thus, our review emphasizes and focuses on the overall process and its main unit operations. This study follows the flow diagram definition, discussing the recent progress in the application of this process on different aqueous matrices to recover/remove diverse metals/metalloids from them, in addition to kinetic reaction and reactor types, different sulfide sources, precipitate behavior, improvements in solid–liquid separation, and future perspectives. The features included in this review are: operational conditions in terms of pH and Eh to perform a selective recovery of different metals contained in an aqueous source, the aggregation/colloidal behavior of precipitates, new materials for controlling sulfide release, and novel solid–liquid separation processes based on membrane filtration. It is therefore relevant that the direct production of nanoparticles (Nps) from this method could potentially become a future research approach with important implications on unit operations, which could possibly expand to several applications.