You can configure a SharePoint site's recycle bin to control the amount of time a user can restore deleted content before it's removed forever and the amount of storage space the recycle bin consumes. The SharePoint Application Management settings page lets you turn the site recycle bin on or off, set the number of days that deleted items are retained in the recycle bin, and set how much storage space the second stage (site collection) recycle bin uses.
A SharePoint site collection administrator can view and restore deleted items from the site collection Recycle Bin to their original locations. If an item is deleted from the site collection Recycle Bin, or it exceeds the retention time, it is permanently deleted.
The Recycle Bin provides a safety net when users delete files, versions of files, list items, libraries, lists, and folders from a site. When users delete any of these items from a site, the items are placed in the Recycle Bin. This article focuses on how a site collection administrator can manage the Recycle Bin for a site collection. For information about the tasks that a contributor to a site can accomplish, see Restore items in the Recycle Bin of a SharePoint site.
Items that have been deleted from a SharePoint in Microsoft 365 site Recycle Bin are kept in the site collection Recycle Bin (or Second-stage Recycle Bin). If you're a site collection administrator, you can permanently remove these items by deleting them from the site collection Recycle Bin.