With the rapidly increasing demand of the silicon wafer, due to the use of the cutting fluid in the cutting process, a large amount of cutting waste liquid will be produced. This paper reviews the researches of the production and cutting techniques, the online recycling process and the offline recycling process of the silicon carbide cutting waste in the new energy resource silicon industry, with focuses on the physical and chemical methods in the offline recycling process used to recycle the cutting waste liquid. It is shown that the comprehensive recovery of the silicon carbide, the polyethylene glycol and the silicon, instead of only recycling the silicon carbide, is the trend. The physical methods in the offline process have advantages of low energy consumption, simple process, low-cost equipment and easiness for industrialization. Among the physical methods, the separation method of the electing effective collector and using the forth floatation technology is simple to operate and enjoys a high separation efficiency, and it becomes the key of the current research. The chemical methods depend on the transformation of the raw materials to produce the new product and to recycle the silicon carbide at the same time. The recovered materials have a high purity. This method has potential applications and deserves further researches.