A novel process for extracting transition metals, recovering lithium and regenerating cathode materials based on facile co-extraction and co-precipitation processes has been developed. 100% manganese, 99% cobalt and 85% nickel are co-extracted and separated from lithium by D2EHPA in kerosene. Then, Li is recovered from the raffinate as Li2CO3 with the purity of 99.2% by precipitation method. Finally, organic load phase is stripped with 0.5M H2SO4, and the cathode material LiNi1/3Co1/3Mn1/3O2 is directly regenerated from stripping liquor without separating metal individually by co-precipitation method. The regenerative cathode material LiNi1/3Co1/3Mn1/3O2 is miro spherical morphology without any impurities, which can meet with LiNi1/3Co1/3Mn1/3O2 production standard of China and exhibits good electrochemical performance. Moreover, a waste battery management model is introduced to guarantee the material supply for spent battery recycling.