This review presents a summary of the research conducted thus far on the recovery of various types of valuable metals from red mud. The composition, properties, environmental hazards, and current status of comprehensive utilization of red mud were studied. A number of studies have been conducted on the use of red mud as a modifying additive for cement, the development of various catalysts based on red mud, and the recovery of various valuable metals from red mud. Furthermore, we examine several techniques for extracting various types of valuable metals from red mud, including pyrometallurgical recovery, wet leaching recovery, and emerging biobased technology recovery. We investigate the underlying principles, processes, research progress, and the potential for industrial application of these methods, and assess the advantages and disadvantages of each from the perspectives of economic and environmental benefits. Although these methods have certain disadvantages, in general, the recovery of various types of valuable metals from red mud is an effective way to solve the problem of red mud and the supply of metal raw materials. In conclusion, this paper presents an overview of the current state of red mud development and utilization, as well as the various methods employed for the recovery of valuable metals from red mud.