The extraction of rare earth elements (REEs) from rare earth oxide slag is a major challenge of recycling REEs from REE-containing wastes using pyrometallurgical approaches, especially the recycling of Nd from spent NdFeB permanent magnets. In this study, a novel and effective approach is proposed for extracting Nd from Nd 2 O 3 -containing slag. First, low-purity Si (99.2%) was used as a reductant to extract Nd from Nd 2 O 3containing slag to prepare a bulk Si−Nd alloy. The bulk Si−Nd alloy represents one of the final products and achieves the purpose of Nd recycling because of its wide applications; alternatively, the bulk Si−Nd alloy can be further separated into Si powder and Ndcontaining HCl solution by HCl acid leaching. Thereafter, three methods can be used to recover Nd from the Nd-containing HCl solution: (1) NH 3 •H 2 O can be used to precipitate Nd 3+ as NdOCl hydrate sediment, which is roasted to obtain high-purity NdOCl (99.0%); (2) HF can be used to precipitate Nd 3+ as NdF 3 (97.0%); or (3) NdCl 3 •6H 2 O (98.1%) can be obtained after completely distilling the Nd-containing HCl solution. This new technology not only permits the recovery of Nd from the Nd 2 O 3 -containing slag but also increases the purity of Si from 99.2 to 99.997%.