Polymer inclusion membranes (PIMs) have gained significant attention in the field of metal separation and recovery due to their high selectivity, long service life, high stability, flexible design and low cost. Over the past 10 years, interest around PIMs has increased considerably; hence, the number of research papers has grown exponentially. This review provides the preparation methods and composition of PIMs, presents an overview of studies on PIMs reported since 2012, and discusses the relationship between the physicochemical properties of different types of membrane components and the microstructure, selectivity, transport performance and stability of prepared PIMs. This review also elucidates the metal transport mechanism at the interface and interior of PIMs and summarizes the modification and separation intensification methods of PIMs. Additionally, the structure and stability of PIM relative to other liquid membranes are also discussed. Finally, the existing challenges and perspectives of PIMs in the field of metal separation and recovery are proposed and highlighted. Notably, the need for highly selective and low‐cost carriers, a deeper understanding of membrane microstructure and separation mechanisms, and strategies for promoting widespread adoption of polymer inclusion membrane‐electrodialysis technology deserve particular consideration, which are of guiding significance for accelerating the industrialization process of PIMs.