The invention provides a method for extracting valuable metal from cobalt metallurgical waste. The method comprises the following steps of S1, calcium removal, S2, copper separation, S3, calcium and magnesium removal, and S4 zinc separation. The method has the beneficial effects that 1, impurity removal liquid generated by the impurity removal procedure of cobalt wet metallurgy P204 or the valuable metal in manganese-rich slag after the impurity removal liquid is precipitated can be sufficiently utilized; 2, the metal recovery rate of the method is high, the recovery rate of calcium can reach 85% or over, and the recovery rates of copper, cobalt, manganese and zinc can reach 90% or over; 3, the technological process of the method is short and only has four steps, and applied raw and auxiliary materials are easy to obtain and low in cost; and 4, the technological process does not involve high temperature or high pressure, reaction conditions are mild, and the number of potential safety hazards is small. Calcium sulfate generated through the method can serve as a raw material for production of cement, a small amount of generated calcium fluoride slag and a small amount of generated magnesium fluoride slag can be sent to a fluorination plant to serve as raw materials, and environmental friendliness is achieved.