Iron can not be recovered at high value because only rare earth elements are effectively recovered from NdFeB waste via oxidation roasting-hydrochloric acid leaching process. In this study, a new method for leaching NdFeB waste with oxalic acid was developed. The high-efficiency, simultaneous and high-value recovery of rare earth elements and iron was realized to simplify the process and improve the economic benefit. Results of the oxalic acid leaching experiments show that under the optimum leaching conditions at 90 ℃ for 6 h in the aqueous solution of oxalic acid (2 mol/L) with a liquid-solid ratio of 60 mL/g, the iron leaching efficiency and precipitation rate of rare earth oxalate reach 93.89％and 93.17％, respectively. Rare earth oxalate and Fe(C2O4)33- were left in the residue and the leaching solution, respectively. The leaching mechanism was further analyzed by characterising the leach residues obtained through X-ray powder diffraction (XRD) and scanning electron microscopy-energy dispersive X-ray spectroscopy (SEM-EDS). Results of the leaching kinetics study indicate that the process of oxalic acid leaching follows the shrinking nucleus model, and the leaching kinetics model is controlled by the mixed factors of diffusion and chemical reaction. The leaching residue was calcined at 850 ℃ for 3 h and then decomposed into rare earth oxide, which can be directly used to prepare rare earth alloy via molten salt electrolysis. For the leaching solution, ferric oxalate solution was reduced using Fe powder to prepare the ferrous oxalate (FeC2O4·2H2O).