The definite aim of the present paper is to present some novel methods that use oxygen-free roasting and wet magnetic separation to in situ recycle of cobalt, Lithium Carbonate and Graphite from mixed electrode materials. The in situ recycling means to change waste into resources by its own components, which is an idea of "waste + waste -> resources." After mechanical scraping the mixed electrode materials enrich powders of LiCoO2 and graphite. The possible reaction between LiCoO2 and graphite was obtained by thermodynamic analysis. The feasibility of the reaction at high temperature was studied with the simultaneous thermogravimetry analysis under standard atmospheric pressure. Then the oxygen-free roasting/wet magnetic separation method was used to transfer the low added value mixed electrode materials to high added value products. The results indicated that, through the serious technologies of oxygen-free roasting and wet magnetic separation, mixture materials consist with LiCoO2 and graphite powders are transferred to the individual products of cobalt, Lithium Carbonate and Graphite. Because there is not any chemical solution added in the process, the cost of treating secondary pollution can be saved. This study provides a theoretical basis for industrial-scale recycling resources from spent LIBs. (C) 2015 Elsevier B.V. All rights reserved.