MXenes, a class of two-dimensional material with exceptional properties, have garnered significant attention for their potential applications in various industries. However, the high production costs associated with MXene synthesis present a substantial barrier to its widespread use. The synthesis methods, risk factors, environmental factors, and most importantly, expensive precursors create a barrier to MXene applications. Numerous review articles on MXene materials have been published. However, this review article aims to provide a comprehensive analysis of potential ways to reduce the cost of these potential materials, which indicates the novelty of this work. The current article aims to provide a review of the synthesis method, risk factors, environmental factors, and, most importantly, how to convert recycled materials as precursors into MXenes and enhance the cost-effectiveness of MXene production. This review found that modified acid etching is the most convenient route for MXene synthesis, preserving the MXene properties while being concerned with risks and environmental factors. Recycled materials (e.g., tires, aluminum scrap, biochar, and activated carbon) can be used to synthesize high-quality MXenes by fine-tuning their contents. We propose a comprehensive approach to reduce the cost of MXenes. This article includes technical challenges and future recommendations for further research on this topic. Graphical abstract: (Figure presented.) © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024.