The technology of extraction of neodymium oxide from grinding wastes of constant magnet production on a Nd—Fe—B basis developed by authors is described and the estimation of expected economic efficiency is resulted. The basic scheme of processing technology of grinding wastes, tested in laboratory with production about 10 kg of an end-product is presented. Advantages and disadvantages of the developed technology are noted. It is shown that the offered technology provides high extraction of neodymium oxide and other valuable Components.