The invention relates to a method for processing fly ash used for a circulating fluidized bed, which comprises the following steps: dissolving fly ash from the circulating fluidized bed out by hydrochloric acid, filtering to obtain filter residue and a leaching liquid; adjusting pH value of the leaching liquid to 1.5-3.5 by ammoniacal liquor, deposing, filtering to obtain the filter residue and a filtrate, washing filter residue, drying to obtain a compound of iron; adjusting the pH value of the filtrate after extracting iron to 3.8-5.2 by the ammoniacal liquor, deposing, filtering to obtain the filter residue and the filtrate, washing filter residue, drying to obtain aluminium hydroxide, further calcining to obtain metallurgy alumina; adding magnesium oxide in an ammonium chloride solution after extracting aluminium and performing ammonia distilling and hydrolysis reactions to obtain hydrogen chloride gas, ammonia gas and magnesium oxide. According to the invention, stepwise extraction of useful elements such as aluminium, silicon and iron in fly ash can be realized, cycle utilization of the materials can be realized, process is simple, cost is low, and the method opens new approach for high value utilization of fly ash from the circulating fluidized bed.