Electronic waste (e-waste) is one of the challenges facing humanity in the twenty-first century. The problem with e-waste is unprecedented rate of growth and toxicity. The driver behind its exponential growth is not limited to expanding global economy in information and communications technologies (ICTs)—expected to reach US Dollars (USD) 13,092.49 billion by the year 2026, population growth, ever-increasing demand for electrical and electronic products, planned obsolescence by the manufacturers, and short life spans of the equipment. This review's purpose is threefold: First, explore existing e-waste recycling processes. Secondly, identify potential health and environmental issues in recycling of e-waste. Lastly, motivate formalization of informal recycling. The findings show informal recycling exposes workers and surrounding communities to health and environmental hazards compared to formal recycling. The informal recycling should be recognized and collaborate with formal recycling for better valuable metals recovery yields, health, and the environment. Currently informal recycling accounts more than formal in terms of e-waste volumes collected yet lower recovery yields due to recovery processes involved. The study recommended regulation of informal recycling and cooperation between the two streams of e-waste recycling for a sustainable environment and the well-being of workers and surrounding communities.