Extractive waste (EW), including tailings, is produced in large quantities during mining activities. In recent years, the linear economic model (“take-use-and-throw” approach) has been replaced by a circular approach, emphasizing the sustainable use and recovery of EW. The development of innovative protocols, such as Best Available Techniques (BATs), which aim at the technological and process improvement of more sustainable mining activities and at the production of renewable, highly performing green materials, has led to technological advancements, expertise in sustainability, and a reduced ecological footprint, potentially causing positive economic and social impacts and reducing environmental ones. Extractive waste and tailings, if suitably characterized, can be used to improve and make sustainable the works connected to the management of mining activities. The qualitative–quantitative characterization of EW is essential for subsequent reuse and for assessing the risk to human health and the extent of environmental impacts in the various matrices. The application areas vary according to the type of waste and mining tailings, the morphological characteristics of the deposits, and the geological, geomorphological, and logistic context of the area. Integrated protocols for sustainable EW exploitation and positive impacts on the economic, environmental, and technological/social level are analyzed. The present paper aims at providing an overview of challenges and potentialities connected to extractive waste (EW) management and potential exploitation to recover raw materials (RM), critical raw materials (CRM), and secondary raw materials (SRM).