The invention discloses a neodymium, iron and boron waste recycling process with approximately zero wastewater discharge. The method is characterized in that recycling and separating for neodymium, terbium, dysprosium and cobalt in neodymium, iron and boron waste are researched, means such as fine grinding and crushing for the waste, oxidizing roasting, prior dissolution in hydrochloric acid, neutralization and impurity removal, double-salt iron settling and extraction separation are selected according to chemical properties of elements contained in the waste, valuable elements in the neodymium, iron and boron waste are successfully extracted, and neodymium oxide, terbium oxide, dysprosium oxide and cobalt oxide which are high in purity are obtained. The neodymium, iron and boron waste recycling process is simple, the production cost is low, an obvious economical benefit is realized, environmental pollution is prevented, and the process is applicable to industrial continuous production. Besides, the extraction rates of manufactured neodymium oxide, terbium oxide, dysprosium oxide and cobalt oxide products are maximized, and quality indexes of the manufactured neodymium oxide, terbium oxide, dysprosium oxide and cobalt oxide products meet industrial standards or customer standards.