With the country’s current and future stringent goals and environmental legislations requiring the adoption of the 4Rs to transition toward a recycling-based society, there has been significant progress in developing multifunctional materials derived from waste. Its progressive potential has been an increasing domain of study over the past few decades. Though the pertinence of its technical potential still remained hugely unexploited even recently, composites, ceramics, polymeric wastes, etc., still comprise today one of the most gradually increasing proportions of generated wastes that eventually end up in landfills. Improper accumulation of such waste potentially leads to environmental and health-related issues. Recycling these wastes will be the weighted option for energy and resource savings. A detailed overview of research has been thoroughly presented in this paper to highlight its potential recycling techniques and its end-of-life applicability. It also presents the technological challenges encountered while recycling these products, given environmental and economic factors. Recent areas of application for these components have been explored in this paper, and research gaps have been identified along with the logical hurdles in achieving their full potential to reach a sector of sustainability. Despite its applications in various sectors conducted through practical and ongoing research, recycling such waste still endures uncertainty resulting from various factors, leading to difficulty in mass-recycling these products.