The invention relates to a recycling method of a samarium cobalt magnetic waste material. The method is characterized by comprising the steps of: a, leaching a samarium cobalt waste material with dilute hydrochloric acid, and after the complete reaction, filtering to remove substances insoluble in acid; b, regulating pH of a leaching solution, precipitating rare earth elements in the solution with oxalic acid to generate a grey and white oxalate precipitate, filtering, drying and calcining the precipitate to obtain solid samarium oxide; c, precipitating samarium, oxidizing Fe<2+> into Fe<3+> in a filtrate by an oxidant, regulating the pH value to precipitate iron in the solution before cobalt, and filtering; and d, removing iron, adjusting the pH value of filtrate, adding oxalic acid to obtain a cobalt oxalate precipitate, and conducting filtration, drying and calcination to obtain cobalt oxide. The method has the following advantages: hydrochloric acid optimal solution, oxalic acid precipitation, iron removal by oxidation and calcination method are employed according to the chemical properties of the elements contained in the waste material, so as to successfully extract valuable elements in the samarium cobalt in waste material; the recycling process is simple in process and low in production cost and the does not produce secondary pollution of the environment; and the prepared samarium oxide and cobalt oxide products have high extraction rate.