Electric vehicles are regarded as key players in reducing CO2 emissions. However, managing the end-of-life (EoL) of lithium-ion batteries (LIBs) poses significant environmental and technical challenges. This presents a daunting task for governments, companies, and academics when discussing and developing initiatives for the EoL of LIBs. As more LIBs reach the end of their vehicular use, it becomes essential to identify key challenges. This research aims to analyze possible pathways, identify LIBs’ challenges in reaching the appropriate destinations, and propose actions to overcome these obstacles. Additionally, this study addresses those responsible for each challenge. A narrative review was employed as a methodological approach to achieve the proposed objectives, utilizing available literature on EoL LIB management. The research findings highlight various challenges, including safety, commercialization, and disassembly. To address these issues, this work recommends strategies such as extended producer responsibility, automation, and regulation. The study also emphasizes the necessity for a collaborative effort, particularly highlighting the key roles of government and industry in developing regulations, implementing effective waste management strategies, and driving market expansion, while academia contributes through research and technological advancements. The research contributes to a better understanding of sustainable LIB management, advocating for responsible disposal and reducing environmental and economic impacts.