Lithium cobalt oxide (LiCoO2) cathodes, comprising 70% of global cobalt and over 1/4th of lithium production, are crucial for recycling to support a sustainable circular economy for critical metals. This study presents an industry-oriented recycling process at technology readiness level-4, involving phosphoric acid leaching of LiCoO2 cathodes. The process was optimized by using response surface methodology with a central composite design, examining five factors at three levels. The parameters, temperature, and concentrations of H3PO4 and H2O2 were identified as key factors influencing the selective leaching of lithium and precipitating >99% cobalt as Co3(PO4)2. The activation energy for lithium dissolution suggests that the leaching process follows an intermediate-controlled mechanism. Lithium was subsequently recovered as Li3PO4 by adding a 10% stoichiometric excess of Na3PO4 and adjusting the filtrate pH to above 12. The profitability of the recycling process is demonstrated by a 39.6% return on investment and a 9.7% internal rate of return.