AbstractThe fascinating properties of graphene continue to offer new dimensions in scientific research, extending its exploration in a wide range of real‐world applications. At the same time, serious bottlenecks like low quality, high cost, negative reaction conditions, agglomeration of nanosheets, and limited mass production for graphene must be resolved in favor of industrialization. Consequently, utilization of large amounts of waste graphite from spent lithium‐ion batteries (LIBs) offers a great opportunity to produce graphene and its derivatives to partake in waste management and circular economy. This work sketches the progress in the different recycling techniques for the graphite anode from spent LIBs and their reuse in different applications. We believe our perspective can facilitate researchers/industries in the better reuse of graphite as valuable sources for the preparation of graphene in a high production capacity by breaking down the existing obstacles in the recycling process as well as helping to handle the upcoming massive volume of spent LIBs.