The invention provides a recovery and utilization method of valuable metal sludge containing copper, nickel and cobalt, namely, a combined technology of bacterial leaching aid-centrifugal extraction-cyclone electrowinning. The method comprises the following steps: A. sequentially mixing and stirring extract slurry with a sulfuric acid solution, a bacteria assisted leaching agent and hydrogen peroxide, and filtering to obtain filtrate and filter residue; B. centrifugally extracting the filtrate to obtain a high-purity copper sulfate solution, and carrying out cyclone electrowinning on the solution to obtain metal copper; and C. centrifugally extracting a water phase with impurities being removed and copper being extracted to obtain a high-purity nickel sulfate solution, and carrying out cyclone electrowinning on the solution to obtain metal nickel. According to the recovery and utilization method provided by the invention, the bacterial leaching aid, centrifugal extraction and cyclone electrowinning technologies are integrally operated; compared with the conventional technology of acid leaching-extracting-electrowinning, the recovery and utilization method has the advantages that the leaching efficiency of the valuable metal sludge containing copper, nickel and the like is stably improved from generally lower than 90% to higher than 95%, the acid consumption is decreased by more than 3%, the energy consumption is decreased by more than 10%, the occupation space is decreased by more than 60%, and a new way is provided for clean, efficient and comprehensive utilization of the valuable metal sludge containing copper, nickel, etc.