Testing and characterizing a material are the key steps that draw the attention of an engineer prior to designing new materials out of conventional materials. Out of numerous polymers dominating the manufacturing industries, our prime focus is on rubber and its unique properties. With numerous grades and varieties of synthetic rubber constituting the rubber industry, there arises the need for unique testing methods for rubber to precisely assess the quality and properties of this material. In this chapter, we attempt to give a picture of a section of the rubber laboratory dealing with the testing of rubber samples. Bulk production out of limited resources remains the second most important concern of this industry. Hence, the need arises for the reuse and recycling of waste rubber. The second part of the chapter deals with various fields of exploring waste rubber and summarizes the effect of waste rubber on the characteristics of various materials modified using waste rubber.