The extensive use of carbon fiber-reinforced plastics (CFRP) in aerospace, civil engineering, and other fields has resulted in a significant amount of waste, leading to serious environmental issues. Finding appropriate methods for recycling CFRP waste and effectively reusing recycled carbon fibers (rCFs) has become a challenging task. This paper presents an overview of the current status of CFRP waste and provides a systematic review and analysis of recycling technologies. In addition to discussing mechanical recycling, thermal decomposition, and chemical solvent degradation methods, the organic alkali/organic solvent method for recycling resins is also elucidated. By introducing the recycling conditions and outcomes of the organic alkali/organic solvent method, the study highlights its significance as a reference for carbon fiber recycling. Furthermore, the paper reviews the current state of rCFs utilization based on its application domains, focusing on research advancements in fiber composites and cementitious composites. Based on these findings, the paper summarizes the existing research limitations and identifies specific areas that require further attention in recycling techniques and rCFs utilization. Lastly, this review provides a prospect on the future of recycling and reusing CFRP waste.