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. lmproper 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 batteries cathode materials mainly include direct regeneration, pyrometallurgy, 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 diferentiation 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 batteries 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.