The rapid pace of industrialization has driven the demand for heavy metals, while the depletion of high-grade natural ore reserves necessitates the exploration of alternative metal sources. Simultaneously, industrial activities generate vast quantities of waste, often relegated to landfills or incineration, culminating in environmental hazards and health risks. These industrial waste streams contain a spectrum of hazardous metals (such as Au, Ag, Ni, Mo, Co, Cu, Zn, and Cr), compounding their potential harm to both the environment and human health. In response, strategies for industrial waste management, including reuse, remanufacturing, and recycling, have gained prominence due to their long-term cost-effectiveness and potential for profitable metal recovery. This study presents a comprehensive review of state-of-the-art technologies for recovering precious metals from industrial waste streams with a focus on sustainability. Diverse industrial wastes, including spent petroleum catalysts, medical waste, electronic scraps, battery residues, metal finishing industry waste, and fly ash, constitute some of the largest industrial waste categories. Various metal recovery processes, categorized as physical, chemical, and thermal methods, leverage the unique characteristics of waste streams and target metals for separation and extraction. Challenges in conventional pyrometallurgy, advancements in hydrometallurgical methods, physical and chemical techniques, and other emerging technologies are extensively discussed. The hydrometallurgical approach, involving dissolution and leaching, stands out as a proven and successful method for recovering metals from diverse raw materials. Although alternative recovery methods exist, many are specialized for specific metal properties within industrial waste. Following metal dissolution, recovery solutions are further concentrated and purified through adsorption, cementation, chemical precipitation, ion exchange, membrane filtration, and ion flotation techniques, which can be applied to various liquid waste streams. The feasibility of a recovery method hinges on its cost-effectiveness in comparison to the value of the precious metals. Stringent waste disposal regulations and environmental legislation mandate environmentally friendly metal recovery technologies. This review offers critical insights to assist researchers in selecting appropriate metal recovery methods for distinct industrial waste types. Moreover, it aids stakeholders and decision-makers in shaping waste management strategies that align with sustainability goals.