This paper aims at providing an overview of the ways for residue valorization in the iron and steelmaking industry. The important role of recycling in iron and steelmaking as a cornerstone for achieving a cleaner and resource-efficient potential is described. Several research results concerning metals and metal oxides (scrap, scale), slags, dusts, process gases, and water recycling from the iron and steelmaking process are reviewed here, aiming to detect those research gaps that still need implementation and suggest potential approaches toward potential solutions. Through a comprehensive evaluation, several possibilities are provided to incorporate effectively in metallurgical processes the bio-based or bio-derived carbon materials, namely biomass, biochar, biocoke, and polymers from waste plastics to reduce the dependence on fuel and reducing agents from fossil sources, and therefore mitigating the related environmental impact of the steel industry. Eventually, this review highlights the importance of embracing circular economy (CE) principles in iron and steelmaking, along with considering opportunities for industrial symbiosis (IS) and exploring the role of digitalization and digital solutions in recycling practices.