The rapid growth of tennis participation and the widespread use of lithium-ion batteries have led to increasing volumes of rubber waste and spent battery materials, underscoring the need for integrated recycling strategies. In this work, a thermochemical co-pyrolysis process is developed to convert waste tennis ball rubber particles (TBRPs) and spent lithium-ion battery (LIB) cathodes into valuable products. The decomposition of TBRPs generates reactive gaseous and liquid hydrocarbons that function as in situ reductants, enabling the breakdown of high-valence transition metal oxides in the cathode material. Subsequent magnetic separation and mild acid-washing yield nonmagnetic solids enriched in lithium compounds and carbonaceous residues. Structural and chemical analyses (SEM, XRD, TEM, EDS, and XPS) confirm extensive cathode reduction and the formation of Li₂CO₃ at optimized conditions (650 °C, 1 h, cathode-to-TBRPs mass ratio 1:0.65). The carbonized rubber evolves into a highly porous carbon material with a carbon purity of approximately 95.37 At%. This study demonstrates a low-energy, environmentally friendly pathway for the co-valorization of two challenging waste streams while simultaneously recovering lithium salts, reduced metal oxides, and functional porous carbon.