The invention discloses a method for separating and recycling valuable metal in tungsten slag. The method can be used for recycling artificial scheelite, electronic-grade cobalt chloride, silver sponges, copper sponges, nickel carbonate and low-grade tantalum-niobium ore from the polymetallic tungsten slag. The method comprises the steps that the tungsten slag is subjected to ball milling in a wet mode to obtain fine powder slurry; tungsten is separated and recycled through an ozone alkali leaching method; nickel, cobalt and copper are separated and recycled through a hydrochloric acid leaching method; silver is recycled through a hydrochloric acid complexing leaching method; a leaching agent obtained in the hydrochloric acid leaching procedure is subjected to deironing and calcium-magnesium removal through fluoride in a sodium jarosite method to obtain pre-extraction liquid, the pre-extraction liquid is subjected to P204 extraction, copper, manganese and zinc are separated through deep purification, and the electronic-grade cobalt chloride is obtained by separating nickel and cobalt from sodium ions through P507 extraction. By the adoption of the ozone alkali leaching technology, by-products only produce O2 and H2O, no harmful effect is generated on the environment, tungsten, cobalt, copper, nickel, silver, tantalum and niobium can be separated efficiently, the recovery rate is high, and the comprehensive recycling effect is good; moreover, energy consumption is low, and the method is environmentally friendly, simple, easy to implement and suitable for industrial production.