The mining industry is confronted with substantial challenges in achieving environmental sustainability, particularly regarding water usage, waste management, and dam safety. The increasing global demand for minerals has led to increased mining activities, resulting in significant environmental consequences. By 2025, an estimated 19 billion tons of solid tailings are projected to accumulate worldwide, exacerbating concerns over their management. Tailings storage facilities represent the largest water sinks within mining operations. The mismanagement of water content in tailings can compromise their stability, leading to potential dam failures and environmental catastrophes. In response to these pressing challenges, the mining industry is increasingly turning to innovative solutions such as tailings dewatering and water reuse/recycling strategies to promote sustainable development. This review paper aims to (I) redefine the role of mine tailings and explore their physical, chemical, and mineralogical characteristics; (II) discuss environmental concerns associated with conventional disposal methods; (III) explore recent advancements in dewatering techniques, assessing their potential for water recovery, technical and economic constraints, and sustainability considerations; (IV) and present challenges encountered in water treatment and recycling within the mining industry, highlighting areas for future research and potential obstacles in maximizing the value of mine tailings while minimizing their environmental impact.