In order to rationalize the development and utilization of the wall rock discarded during rare earth mining, chemical analysis, inductively coupled plasma-atomic emission spectroscopy, X-ray diffraction analysis, artificial panning, optical microscope analysis, mineral liberation analysis and energy-dispersive spectroscopy were used to study the process mineralogy of the wall rock. The results show that the main useful elements in the rare earth wall rock were iron, light rare earth elements, fluorine and niobium. Iron was mainly occurrence as magnetic iron in magnetite, rare earth elements in bastnaesite and monazite, fluorine as a independent mineral in fluorite and niobium in columbite. The main useful minerals were finely disseminated, with magnetite (48.16%), bastnaesite (49.04%), monazite (42.18%), fluorite (39.30%) and columbite (63.26%) distributed in -0.030 mm particle size. The useful minerals were evaluated separately for beneficiation based on the process mineralogical characteristics of the rare earth wall rock, and the results showed that magnetite, rare earth and fluorite resources could be effectively recovered using magnetic separation, flotation, gravity concentration and leaching enrichment methods. The sequential recovery of iron, rare earth, fluorine and niobium elements produces iron concentrate (65.40% TFe at recovery of 38.03%), rare earth concentrate (50.66% REE at recovery of 62.73%), fluorite concentrate (95.23% CaF₂ at recovery of 40.34%) and niobium iron ore concentrate (1.63% Nb₂O₅ at recovery of 5.56%). This study provides recommendations for the rational development and utilization of rare earth wall rock and provides reasonable levels of recovery predictions.