Municipal waste is a global issue and they are generated in all countries around the world. Both in the European Union and the United States, a common method of non-recyclable waste utilization is thermal incineration with energy recovery. As a result of this treatment, residual waste like bottom ash, air pollution control residues and fly ashes are generated. This research shows that residues from waste incineration can be a potential source of critical raw materials. The analysis of the available literature prove that the residues of municipal waste incinerators contain most of the elements important for the US and EU economies. Material flow analysis has shown that each year, the content of elemental copper in residues may be 29,000 Mg (USA) and 51,000 Mg (EU), and the amount of rare earth elements in residues exceeds their mining in the EU. In the case of other elements, their content may exceed their extraction by even over 300%. The recovery of elements is difficult due to their encapsulation in the aggregate matrix. The heterogeneous nature of residues and the many interactions between different components and incineration techniques can make the process of recovery complicated. Recovery plants should process as much of the residues as possible to make their recovery profitable. However, policy makers from the EU and the US are introducing new legal regulations to increase the availability of critical raw materials. In the EU, new regulations are planned that will require at least 15% of the annual consumption of critical raw materials to come from recycling. Therefore, innovative technologies for recovering critical raw materials from waste have a chance to receive subsidies for research and development.