Recycling lithium-ion batteries is crucial for the environment and the sustainability of primary resources. In this paper, we report on the characterization of two grades of black mass from spent lithium-ion batteries (with typical lithium–nickel–manganese–cobalt oxide cathode compositions) and their behavior during heating trials. This study paves the way for optimizing lithium-ion battery recycling processes by fully characterizing black mass samples before and after heating. A gas release under pyrolytic conditions was detected using a multicomponent mass spectrometer and included dimethyl carbonate, diethyl carbonate, oxygenated hydrocarbons, hydrocarbons, and other miscellaneous gases. This can be attributed to the evaporation of volatile organic compounds, conductive salt, organic polyvinylidene fluoride binder, and an organic separator such as polypropylene. Thermal treatment led to the partial decomposition of the binder into char and newly formed fluorine cuboids. The compaction of the cathode decreased, but the remaining binder limited recycling processes. By heating the black mass samples to 900 °C, the intensity of the X-ray diffraction graphitic carbon peak decreased, and the lithium metal oxides were reduced to their corresponding metals. The graphite in the black mass samples was structurally more disordered than natural graphite but became more ordered when heated.