The rapid increase in the application of carbon fiber reinforced polymer (CFRP) composite materials represents a challenge to waste recycling. The circular economy approach coupled with the possibility of recovering carbon fibers from CFRP waste with similar properties to virgin carbon fibers at a much lower cost and with lower energy consumption motivate the study of CFRP recycling. Mechanical recycling methods allow the obtention of chopped composite materials, while both thermal and chemical recycling methods aim towards recovering carbon fibers. This review examines the three main recycling methods, their processes, and particularities, as well as the reuse of recycled carbon fibers in the manufacture of new composite materials.