Superconducting magnetic separation of chalcopyrite and molybdenite was studied, along with the effects of the magnetic flux density, slurry concentration, and pulsation amplitude on the separation. According to the force equilibrium model of magnetic particles that accumulated on magnetic matrices during the superconducting magnetic separation, the saturated buildup of magnetic particles was calculated. The saturated buildup of magnetic particles was an approximate fan ring and had a positive correlation with the background magnetic flux density. Superconducting magnetic separation tests results showed that a Mo concentrate with a Mo grade of 31.86% and recovery of 87.24% and a Cu concentrate with a Cu grade of 30.57% and recovery of 94.76% could be obtained. This verified the feasibility of separating mixed Cu and Mo minerals via superconducting magnetic separation.