Abstract: Cobalt has excellent electrochemical, magnetic, and heat properties. As a strategic resource, it has been applied in many high-tech products. However, the recent rapid growth of the battery industry has substantially depleted cobalt resources, leading to a crisis of cobalt resource supply. The paper examines cobalt ore reserves and distribution, and the recent development and consumption of cobalt resources are summarized as well. In addition, the principles, advantages and disadvantages, and research status of various methods are discussed comprehensively. It can be concluded that the use of diverse sources (Cu–Co ores, Ni–Co ores, zinc plant residues, and waste cobalt products) for cobalt production should be enhanced to meet developmental requirements. Furthermore, in recovery technology, the pyro-hydrometallurgical process employs pyrometallurgy as the pretreatment to modify the phase structure of cobalt minerals, enhancing its recovery in the hydrometallurgical stage and facilitating high-purity cobalt production. Consequently, it represents a promising technology for future cobalt recovery. Lastly, based on the above conclusions, the prospects for cobalt are assessed regarding cobalt ore processing and sustainable cobalt recycling, for which further study should be conducted.