The growing use of carbon and glass fibres has increased awareness about their waste disposal methods. Tonnes of composite waste containing valuable carbon fibres and glass fibres have been cumulating every year from various applications. These composite wastes must be cost-effectively recycled without causing negative environmental impact. This review article presents an overview of the existing methods to recycle the cumulating composite wastes containing carbon fibre and glass fibre, with emphasis on fibre recovery and understanding their retained properties. Carbon and glass fibres are assessed via focused topics, each related to a specific treatment method: mechanical recycling; thermal recycling, including fluidised bed and pyrolysis; chemical recycling and solvolysis using critical conditions. Additionally, a brief analysis of their environmental and economic aspects are discussed, prioritising the methods based on sustainable values. Finally, research gaps are identified to highlight the factors of circular economy and its significant role in closing the life-cycle loop of these valuable fibres into re-manufactured composites.