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Abstract Rare earth elements (REEs), with their unique magnetic, optical, and electrical properties, have become indispensable strategic resources. Widely applied in critical fields such as aviation, telecommunications, electronics, energy, transportation, and medicine, REEs play a vital role in advancing technology and driving social and economic development. However, the REE industry faces numerous challenges, including unbalanced resource distribution, supply and demand imbalances, international competition, technological limitations, and associated environmental pollution. This paper, incorporating both the historical evolution and current state of the REE industry, provides a comprehensive examination of the chemistry, applications, resources, technologies, challenges, and prospects of REEs. Specifically, it analyzes China’s REE industry, which holds the largest global reserves and production capacity. As a key feature, this paper introduces the Tai Chi model for sustainable development in the REE industry, offering an in‐depth analysis of two primary approaches—mining and recycling; the four critical participants—governments, enterprises, researchers, and consumers; and the eight essential influencing factors—resources, energy, environment, policy, applications, technology, supply and demand, and economy. The Tai Chi model not only clarifies the responsibilities and significance of each individual but also highlights their interconnectedness, providing a compelling framework for envisioning the sustainable development of the REE industry. Moreover, the paper identifies the major challenges currently facing the industry and offers insights into the future development of REEs. As such, this work contributes to a deeper understanding of the multifaceted REE landscape and underscores the importance of sustainable practices to ensure REEs’ lasting positive impact on the global industry.
Zhao et al. (Sun,) studied this question.