The aim of this study was to review the significant of waste heat recovery technologies as means of achieving sustainable energy development. Most developing nations of the World are faced with the enormous release of industrial waste heat of low temperature grade to the environment. Unlike material waste that is clearly visible, waste heat can be difficult to identify and evaluate both in terms of quantity and quality. Hence, understanding the availability of waste heat, and the ability to recover it, offer great opportunity to reduce energy costs and associated environmental impacts. Utilizing low-grade energy from waste heat sources is considered to offer a significant contribution to improving overall energy efficiency in the energy-intensive industrial sectors. The concept of industrial waste heat is explained, potential sources of waste heat from industries are identified, and the technologies available for waste heat recovery are presented in this study. From the review study, it is shown that about 72% of the global primary energy consumption is lost after conversion, while 63% of the considered waste heat streams arise at a temperature below 100 °C in which electricity generation has the largest share followed by transportation and manufacturing industry. The results of this study reveals that considerable amount of waste heat can be technically and economically recovered through sustainable technologies with prospective capacity for the much desired sustainable energy development. Specifically, in-depth utilization of waste heat resources can effectively moderate the rate of depletion of the fossil fuels and sufficiently reduce toxic emissions to within acceptable limits that are compatible to the projected time of full deployment of renewable energy (RE) source.