Owing to high energy-intensive operations, cement production is responsible for global 6–8% of CO2 emissions and, thus, can be a major contributor in the net zero mission. Pakistan’s cement industry can produce 69 million tons of cement per year and has an overall share of 5.3% in economy. One ton of cement production releases approximately one ton of carbon dioxide. Therefore, it is necessary to decarbonize this industry. Two strategies can be employed (waste heat utilization and CO2 capturing) for the decarbonization of the cement industry. This comprehensive review article is focused on the waste heat recovery potential and the technologies employed to utilize this potential for the cement industry of Pakistan.