The growing demand for lithium-ion batteries for portable electronics and electric vehicles results in a booming lithium battery market, leading to a concomitant increase in spent graphite. This research investigated the potential impacts of spent graphite on environmental and human health using standardized toxicity extraction and Life Cycle Impact Assessment models. The spent graphite samples were classified as hazardous waste due to the average nickel content of 337.14 mg/L according to Chinese regulations. Besides, cadmium and fluorine were the other elements that exceeded the regulations threshold. Easily ignored aluminum and heavy metal cobalt are other harmful elements according to the results of Life Cycle Impact Assessments. All the metallic harmful elements mainly exist in a transferable state. Thermogravimetry infrared spectrometry coupled with mass spectrometry was employed to recognize the emitted gases and explore gas emission behavior. Inorganic gases of CO, H2S, SO2, SO3, oxynitride, HCl, and fluoride-containing gases were detected. Sulfur-containing gases released from spent graphite were contributed by the residual sulfuric acid after leaching. The correlation between the evolution of emitted gases and the heating schedule was established simultaneously. The research comprehensively illustrates the pollution of spent graphite and provides assistance for the design of green recycling schemes for spent graphite.