Abstract Electric arc furnace dust (EAFD), a hazardous byproduct of steelmaking, is increasingly recognized as a secondary resource for critical metals, including zinc (Zn), lead (Pb), and cadmium (Cd). This critical review examines advancements in the hydrometallurgical processing of EAFD, with a focus on the physicochemical properties of dust, leaching mechanisms, selective complexation, purification techniques, and product recovery. Acidic, alkaline, and complexing agents are compared in terms of efficiency, selectivity, and environmental performance, with sulphuric acid and ammonia‐based systems demonstrating high zinc recovery. Downstream purification methods, such as solvent extraction and electrowinning, are examined in the context of metal separation and sustainability. Economic and environmental assessments highlight the potential for reducing carbon footprint and hazardous waste through optimized hydrometallurgical routes. Current challenges, including reagent recyclability and the management of iron‐rich residues, are critically analyzed, and future research directions are outlined. The review provides a comprehensive framework for advancing EAFD valorization through cleaner, more efficient hydrometallurgical strategies.