Ceramic hollow fiber membrane, which has high surface area and ability to act in harsh condition, has recently attracted significant attention for various application. However, the commercially available pure metal oxide-based ceramic hollow fiber membranes are expensive and it has been a key challenge for large-scale uptake. In this chapter, the key priorities in strategic cost reduction of ceramic hollow fiber membrane are reviewed. The key priorities include: (i) low-cost starting inorganic material such as clays, minerals, industrial waste, and agricultural waste and (ii) phase inversion method—an approach where the process to fabricate an asymmetrical structure hollow fiber membrane can be done at one-step. Methods for the preparation of ceramic hollow fiber membrane is discussed, starting with the preparation of ceramic suspension, spinning of ceramic hollow fiber precursor, and sintering of ceramic hollow fiber membranes. A brief discussion on physical properties of the previously reported low-cost ceramic hollow fiber membranes is elaborated and compared with the pure metal oxide-based hollow fiber membrane in terms of morphology, mechanical strength, pore size, and porosity. Recent application of low-cost ceramic hollow fiber membrane is also discussed in this chapter. Meanwhile, the current challenges and future research opportunities of low-cost ceramic hollow fiber membrane development are addressed in the last part of this chapter.