Oil and gas production wells generate large volumes of water mixed with hydrocarbons (dispersed and dissolved), salts (ions), and solids. This ‘produced water’ (PW) is a waste stream that must be disposed of appropriately. The presence of toxic hydrocarbons and ions in PW makes it unsuitable for surface discharge or disposal in groundwater resources. Thus, PW is often injected into deep geological formations as a disposal method. However, the supply of global water sources is diminishing, and the demand for water in industrial, domestic, and agricultural use in water-stressed regions makes PW a potentially attractive resource. PW also contains valuable elements like lithium and rare earth elements, which are increasing in global demand. This review article provides an overview of constituents present in PW, current technologies available to remove and recover valuable elements, and a case study highlighting the costs and economic benefits of recovering these valuable elements. PW contains a promising source of valuable elements. Developing technologies, such as ceramic membranes with selective sorption chemistry could make elemental recovery economically feasible and turn PW from a waste stream into a multi-faceted resource.