Over a century ago, phenolic formaldehyde (PF) resin was developed and continues to increase in yield due to its diverse applications. However, PF resin is a thermosetting plastic lacking fluidity and moldability, which are nondegradable in natural environments, leading to severe threats to fossil resources as well as global environmental crises. As a result, recycling PF resin is extremely important. In this review, we provide the recent advances in the recycling of PF resin, which includes mechanical recycling, chemical recycling, and utilization of carbon-based materials. The advantages and disadvantages of each strategy are evaluated from a green chemistry perspective. This article aims to attract interest in PF resin design, synthesizing, application and recycling, offering useful suggestions.