The invention provides a method of recovering molybdenum and cobalt from a waste cobalt-molybdenum catalyst. The method comprises the following steps: adding alkali into the waste cobalt-molybdenum catalyst, then roasting the waste catalyst, carrying out washing and filtering, adding an acid into an obtained filtrate to adjust a pH value, filtering a reacted solution, with filter residue being aluminum hydroxide for recovery of aluminum and a filtrate being a molybdenum-containing solution, adjusting the pH value of the molybdenum-containing solution to obtain molybdic acid deposition, washing the molybdic acid deposition with distilled water to wash out impurities adhering on molybdic acid and carrying out roasting so as to obtain molybdenum trioxide; and adding alkali for roasting, drying washed filter residue, introducing carbon monoxide gas after moisture is totally removed and introducing tail gas into a collection container after condensation at the same time, wherein carbonyl cobalt is condensed to form a solid, which allows metal cobalt to be recovered, the tail gas is cyclically used, and reacted filter residue after introduction of carbon monoxide gas can be used for recovery of carriers like magnesium and rare earth. According to the method, used raw materials are cheap, which is beneficial for cost control; steps of the method are simple, so recovery flow of metal cobalt and molybdenum is shortened, and a recovery rate is increased.