A large number of Li-ion batteries will be retiring soon due to the end of their lives in energy storage applications like laptops, power tools, portable electronic devices and majorly from electric vehicles. Rechargeable Li-ion batteries are generally used in a wide range of applications across the world because of their superior electrochemical performance, high energy density and safety compared to other types of energy storage systems. But due to the end of their cycle life, they should be recycled to avoid environmental pollution as well as to reuse valuable materials like Lithium, Cobalt, Nickel and Graphite and thereby minimize the impact on the environment. From the future perspective, due to growing electric vehicle market, recycling of Li-ion batteries will become mandatory globally. Here, we present different types of Li-ion battery recycling technologies based on Hydrometallurgy and Pyrometallurgy approaches, and their impact on the environment, along with their pros and cons and future prospects.