A counterweight 10, characterized in that it comprises, as a weighing material, a metal component contained in a slag produced in an iron making process or a residue in a melting furnace for waste treatment a method for recycling a counterweight 10, which comprises a removal step of removing an outer shell 15 of an used counterweight 10 having a magnetic metal component as a weighing material, a disintegration step of crushing a filler containing a metal component in the counterweight 10 having been removed of the outer shell 15 to break the binding between the metal component and another component of the filler, a selection step of separating the disintegrated products into a high specific gravity part containing the metal component as a primary component and a low specific gravity part composed of the other products, and utilizing the high specific gravity part as a weighing material in a new counterweight. The above counterweight is good in handleability, can be produced at a reduced cost, and is environmentally friendly.