A low-cost and simple recycling process of waste thermoelectric modules has been investigated using chemical reduction methods. The recycling is separated by two processes, such as dissolving and reduction. When the waste thermoelectric chips are immersed into a high concentration of $HNO_3$ aqueous solution at $100^{circ}C$, oxide powders, e.g., $TeO_2$ and $Sb_2O_3$, are precipitated in the $Bi^{3+}$ and $HTeO{_2}^+$ ions contained solution. By employing a reduction process with the ions contained solutions, $Bi_2Te_3$ nanoparticles are successfully synthesized. Due to high reduction potential of $HTeO{_2}^+$ to Te, Te elements are initially formed and subsequently $Bi_2Te_3$ nanoparticles are formed. The average particle size of $Bi_2Te_3$ was calculated to be 25 nm with homogeneous size distribution. On the other hand, when the precipitated powders reduced by hydrazine, $Sb_2O_3$ and Te nanoparticles are synthesized because of higher reduction potentials of $TeO_2$ to Te. After the washing step, the $Sb_2O_3$ are clearly removed, results in Te nanoparticles.