Extraction of vanadium and molybdenum from waste materials is carried out by physically or chemically pre-treating for raw materials by recovered oil, leaching out at a certain pH value, generating soluble sodium metavanadate and sodium molybdate, removing impurities, filtering, solid-liquid separating, precipitating ammonium metavanadate by amine salt, filtering, drying, decomposing, tabletting by smelting furnace to obtain sheeted vanadic anhydride, precipitating ammonium metavanadate filtrate, pouring it into vanadium extraction tank, extracting by organic phase, cleaning by saturated organic phase, reversed extracting, concentrating and crystallizing. It has better vanadium recovery rate and quality and more product yield.