With the ever-growing need for lithium-ion batteries, particularly from the electric transportation industry, a large amount of lithium-ion batteries is bound to retire in the near future, thereby leading to serious disposal problems and detrimental impacts on environment and energy conservation. Currently, commercial lithium-ion batteries are composed of transition metal oxides or phosphates, aluminum, copper, graphite, organic electrolytes with harmful lithium salts, polymer separators, and plastic or metallic cases. The lack of proper disposal of spent lithium-ion batteries probably results in grave consequences, such as environmental pollution and waste of resources. Thus, recycling of spent lithium-ion batteries starts to receive attentions in recent years. However, owing to the pursuit of lithium-ion batteries with higher energy density, higher safety and more affordable price, the materials used in lithium-ion batteries are of a wide diversity and ever-evolving, consequently bringing difficulties to the recycling of spent lithium-ion batteries. To address this issue, both technological innovations and the participation of governments are required. This article provides a review of recent advances in recycling technologies of spent lithium-ion batteries, including the development of recycling processes, the products obtained from recycling, and the effects of recycling on environmental burdens. In addition, the remaining challenges and future perspectives are also highlighted.