OneDrive has a recycle bin as well as a second-stage recycle bin, allowing you to recover files after you’ve deleted them.
Items are removed from the recycle bin(s) after 90 days, starting from the original delete date, independently from the recycle bin in which they are (first or second level). Notice that the items do not automatically move from the first level recycle bin to the second level recycle bin. The second level bin is rather an "administrative" bin which is used to recover items that users have mistakenly deleted from the first level bin.
Restore a previous version of a file stored in OneDrive