Waste cooking oil (WCO) has been considered a low-cost and renewable feedstock for the production of biodiesel and biobased products if it can be economically and efficiently collected and recycled. The objective of this case study is to review the scientific background of WCO recycling in the literature in connection with the regulatory and promotional measures in Taiwan under the authorization of a legal waste management system. Furthermore, the updated information about the on-line reporting WCO amounts in Taiwan is also analyzed to illustrate its significant increase in the recycling status of WCO officially designated as one of the mandatory recyclable wastes since 2015. Finally, an overview of available utilization of WCO as biodiesel, fuel oil, and non-fuel related uses is briefly addressed in this paper. It shows that the collected amounts of WCO from residential and commercial sectors in Taiwan significantly increased from 1599 tonnes in 2015 to 12,591 tonnes, reflecting on the WCO recycling regulation effective since 2015. Practically, the most important option for this urban mining is to reuse WCO as an energy source for the productions of biodiesel and auxiliary fuel. Other non-fuel related uses include the production of soaps/detergents, C-18 fatty acids, and lubricants. However, the reuse of WCO as a feed additive should be banned to prevent it from re-entering the food chain.