The invention provides a method for separating and utilizing neodymium iron boron waste materials. The method comprises the following sequential steps of dissolution with hydrochloric acid, primary solid-liquid separation, precipitation with oxalic acid, secondary solid-liquid separation, hydrolysis process, third solid-liquid separation, acidic oxidation process, precipitation of ferric phosphate, fourth solid-liquid separation, evaporation and concentration, and fifth solid-liquid separation. Iron oxide red and praseodymium oxide are obtained through the steps of dissolution with hydrochloric acid, primary solid-liquid separation, precipitation with oxalic acid and secondary solid-liquid separation; iron oxide red and ferric phosphate precipitate are obtained through the steps of dissolution with hydrochloric acid, primary solid-liquid separation, precipitation with oxalic acid, secondary solid-liquid separation, hydrolysis process, third solid-liquid separation, acidic oxidation process, precipitation of ferric phosphate and fourth solid-liquid separation; ammonium chloride is obtained through the steps of dissolution with hydrochloric acid, primary solid-liquid separation, precipitation with oxalic acid, secondary solid-liquid separation, hydrolysis process, third solid-liquid separation, acidic oxidation process, precipitation of ferric phosphate, fourth solid-liquid separation, the evaporation and concentration and fifth solid-liquid separation. The method is high in recovery rate and purity, environment-friendly and pollution-free, low in recovery cost and the like.