Waste recycling is an important component of China's sustainable development and one of the strategic tasks of the national development plan. This study first sorts out the major achievements and development trends of waste recycling in China, and identifies the existing problems, such as unexploited potential in recycling and carbon reduction, insufficient technological innovation and scientific research, lack of sustainable business models, non-standard standards certification system, and insufficient coordination of existing laws, regulations, and standards system. On this basis, the study focuses on four key areas of waste recycling: new-energy solid waste, waste polymer materials, cross-industry coordination of industrial wastes, urban multi-source waste coupling. From the three perspectives of establishing a green production and design system at the source, optimizing the recycling process network, and promoting waste product reuse and service innovation, the construction paths and major tasks of the waste recycling system in each important field are proposed. To promote the high-quality construction of China's waste recycling system, this study also proposes development suggestions from aspects of synergistic enhancement of recycling and carbon reduction, development and industrialization of major technologies, quality upgrading and large-scale application of recycled products, intelligent and refined management of waste recycling, and safeguarding of key elements.