Recycling battery and electronic wastes for the recovery of nanomaterials (NMs) has ushered in a new era in nanotechnology and environmental research. Essentially, NM recycling offers a two-way method of environmental remediation. The potential economic benefits of high-value NM end-products are conducive for industrial scale operations. Simultaneously, it reduces the industrial consumption of finite primary resources. The added benefits of abating environmental pollution (e.g., from VOCs, VFAs, SO2, NOx, and heavy metals) further contributes to the significance of ongoing research in this particular area. However, some challenges still persist due to the lack of motivation for recycling and the problem of the limited usability (or low stability) of many of the end-products. In this study, we aimed to evaluate different basic aspects of waste recycling in relation to NM recovery, along with other associated techniques. The utility of recovered NMs and potential options for NM recovery are described as highlighting features to help construct a future roadmap for this emerging scientific field. In addition, an assessment of the potential economic returns from recycling high-purity NMs is provided. Outcomes of this review may fuel further innovations for optimizing the current recycling methods for the efficient synthesis of commercial-grade, high purity NMs at minimal cost.