The present invention provides a counterweight and a counterweight-recycling method capable of having excellent workability, capable of reducing manufacturing costs, and capable of achieving environmental conservation. A metal portion contained in slag produced in an iron making process or in residue in a waste treatment furnace is used as a weight material of a counterweight (10). A method of recycling the counterweight (10) includes a removing step of removing an outer shell (15) of a used counterweight (10) that has used a magnetic metal portion as a weight material, a crushing/cutting step of crushing a filler containing the metal portion of the counterweight (10) from which the outer shell (15) has been removed and cutting a combined state between the metal portion and the other filler portion, and a separating step of separating processed products obtained in the crushing/cutting step into high-specific-gravity substances composed chiefly of the metal portion and into other low-specific-gravity substances, in which the high-specific-gravity substances are used as weight materials of a counterweight to be newly manufactured.