Lithium-ion batteries have emerged as primary power sources for mobile electronic devices and  electric  vehicles  due  to  their  distinctive  advantages,  including  high  energy  density  and  extended cycle life. Improper disposal of spent lithium-ion batteries after regular use or cascaded use may result in substantial resource wastage and severe environmental pollution. Currently, traditional closed-loop recycling  methods  for  spent  lithium-ion  battery  cathode  materials  mainly  include  direct  regeneration,  yrometallurgy,  and  hydrometallurgy.  These  methods  primarily  focus  on  recycling  and  regenerating valuable  metals  from  spent  lithium-ion  battery  cathode  materials  for  reuse  in  the  battery  industry. Meanwhile,  numerous  studies  have  reported  on  the  high-value  non-closed-loop  recycling  of  spent lithium-ion battery cathode materials. However, the high degree of differentiation and isolation among these studies has resulted in a lack of systematic summarization and evaluation of the current status and prospects of research on the valuable metals of spent lithium-ion battery cathode materials, including both traditional closed-loop and non-closed-loop high-value recycling methods. To fill up this gap, this review systematically discusses the current status of closed-loop recycling and processing of valuable metals from spent lithium iron phosphate and ternary cathode materials. It also explores the potential of converting spent lithium-ion battery cathode materials into electrode materials for other energy storage devices or environmentally functional materials. Additionally, it compares and evaluates the processes and product performance of the two different recycling modes from an industrial perspective. Based on this, the review outlines the challenges and development trends related to the closed-loop recycling and non-closed-loop high-value utilization of spent lithium-ion battery cathode materials. This review will provide  an  important  reference  for  the  rational  treatment  and  disposal  of  spent  lithium-ion  battery cathode materials.