Worldwide volume production and consumption of engineered composite materials, namely fiber reinforced polymers (FRP), have increased in the last decades, mostly in the construction, automobile, aeronautic and wind energy sectors. This rising production and consumption have also led to an increasing amount of FRP waste, either end-of-life (EoL) products or manufacturing rejects. Taking into account the actual and impending EU framework on waste management, in which clear targets are set with concrete measures to ensure effective implementation, landfill and incineration will be progressively unavailable as traditional end-routes for this kind of waste. Recycling techniques and end-use applications for the recyclates have been investigated over the past twenty years, but even so, more cost-effective and feasible market outlets for the recyclates should be identified that meet both the economic and the environmental points of view. This paper is aimed at enclosing and summarizing an update overview regarding all these issues: current legislation, recycling techniques and end-use applications for the recyclates. Additionally, as a case study, the assessment of the potential improvements that could be made on the eco-efficiency performance (sustainability) of a typical FRP composite materials’ industry by recycling and re-engineering process approaches is also reported.