Recycling of composites, mainly glass and carbon fiber reinforced polymers (GFRP and CFRP), is gaining importance in the light of promoting circular economy and sustainable development. It is necessary to analyze the entire waste life cycle and value chain from waste occurrence to re-processing into new products to identify economically viable system configurations. Consequently, this study sums up previous research and analyses existing business cases. The focus of previous research is on recycling technologies and their implications on fiber properties as the main targeted output. Mechanical recycling reached maximum exploration as the downcycled GFRP recyclates are limited to serve as fillers and reinforcements in low-key applications like construction products. Pyrolysis is commercially matured especially for CFRP waste because it is suitable to process heterogenous waste streams, and can provide relatively clean fibers for semi-structural applications and gas and oil from organic parts for future usage, such as substitute-fuel. Due to the high retention potential of fiber properties, solvolysis is gaining importance but encounters challenges in treating contaminated waste streams. A combination of technologies, additional treatment steps to improve tensile properties and interfacial shear strength, and processes for alignment and yarn production are under investigation to improve recycled fiber value. Concerning commercialization prospects, geographical proximity of different actors in the value chain (industrial symbiosis), in-house usage of recyclates for semi-finished or finished products, and governmental interventions, such as subsidies, are advantageous. In conclusion, while the performance of investigated recycling technologies is promising, material flow analysis and regulatory action, such as Extended Producer Responsibility legislation, are necessary to prepare the ground for companies to source sufficiently pure amounts of composite wastes for the subsequent recycling. More research should be carried out jointly with industry to investigate the processability and identify opportunities for the incorporation of recycled fractions into marketable products.