The European Green Deal aims to make Europe climate neutral by 2050. This circumstance requires the metallurgical industry to move from carbon-based processes to hydrogen application. This work aims to summarize the current state of the research on thermodynamics and reaction kinetics in the scope of hydrogen-based reduction for Electric Arc Furnace Dust and present already existing and theoretically possible recycling processes using hydrogen. Thermodynamic calculations suggest three possible approaches to treat Electric Arc Furnace Dust using hydrogen as a reducing agent: Full reduction of iron and zinc oxide, selective reduction of iron oxide, and selective reduction of zinc oxide. In general, hydrogen can replace carbon seamlessly, leading to higher reaction kinetics but also to higher processing costs due to the high hydrogen price currently. However, zinc extraction from Electric Arc Furnace Dust allows for innovative concepts such as hydrogen recovery by reoxidation of gaseous zinc with water. In combination with selective zinc oxide reduction, this approach results in a recycling process with a low hydrogen consumption. However, additional high-quality research is necessary to provide a better data basis for a detailed economic view.