Method for recovering valuable metals from wastes

A method for recovering valuable metals, which include at least one M element selected from the group consisting of Mo, Ni and Co, and V, in the form of iron-based alloys from a waste containing the valuable metals, comprising the steps of (a) roasting the waste to form a roasted ore containing oxides of the valuable metals; (b-1) heating the roasted ore together with an iron source and a flux, to form an iron-based alloy melt; (b-2) adding a reducing agent having higher affinity for oxygen than V at a reduction temperature to the melt, thereby reducing the oxides of the valuable metals to form an Fe-M-V alloy melt; (c) oxidizing substantially only V in the Fe-M-V alloy melt to form a V-oxide-containing slag and an Fe-M alloy melt; and (d) separating the V-oxide-containing slag from the Fe-M alloy melt.