The effective recovery of valuable metals from waste lithium-ion batteries is beneficial to the rational utilization of resources and environmental protection. In order to shorten the recovery process and directly obtain high purity recycled products, a new process of transition metal extraction, lithium recovery and cathode material regeneration based on co-extraction and coprecipitation was proposed. In this paper, the transition metal was co-extracted from the leaching solution and separated from lithium by using hydrochloric acid as leaching agent and neo-decanoic acid (Versatic 10). The effects of hydrochloric acid concentration, solid-liquid ratio, leaching temperature and leaching time on the extraction rate of each metal were investigated, and the effects of extractant Versatic 10 concentration, pH, extraction ratio and extraction time on the extraction rate of each metal were investigated. The results showed that the leaching rates of Li, Ni, Co and Mn were 100%, 99.7%, 99.3% and 99.7%, respectively, under the conditions of hydrochloric acid concentration 3mol/L, solid-liquid ratio 0.02g/mL, acid leaching temperature 80℃ and acid leaching 60 minutes. The total extraction efficiency of cobalt, nickel and manganese after two-stage extraction was 97.47%, 96.18% and 98.05%, respectively, under the extraction conditions of 40% Versatic 10, pH=7, extraction ratio was 1∶1, temperature was 25℃ and time was 6 minutes. Then, the Li was recovered from the raffinate by precipitation method and the Li2CO3 with a purity of 99.2% was obtained. Finally, the organic supported phase was stripped with 0.4mol/L HCl and the cathode material LiNi1/3Co1/3Mn1/3O2 was regenerated directly from the stripping solution by coprecipitation without separate metal separation. The prepared renewable cathode material LiNi1/3Co1/3Mn1/3O2 was micro-spherical and did not contain any impurities, which met the national LiNi1/3Co1/3Mn1/3O2 production standard.