Growing industrialization and population deposit huge amounts of waste materials into nature every day. Environmental pollution is the biggest threat to life on earth, and one of the major polluters of nature is the throwaway plastic bottles made from polyethylene terephthalate (PET), a harmful fossil fuel/petroleum-based material. This review focuses on the recent development of recycling techniques of PET waste and their potential applications including fiber production, nanofibrous membrane, air filtering materials, water filtering materials, reinforced concrete formation, energy harvesting etc. In addition, the two most promising methods for recycling: chemical recycling and mechanical recycling are discussed. The most appropriate technologies and waste disposal procedures are suggested for energy harvesting based on the socio-economic aspects of the problem. The recent progress of this topic has been discussed. The prospect of these recycled bottles has been mentioned at the end of the article.