Considering the rising demand for rare earth elements (REEs), researchers are looking for new sources for their extraction, thereby fostering economic and environmentally justified processing solutions. Among potential industrial sources, coal fly ash emerges as one of the most promising. The recovery of REEs from coal fly and bottom ashes derived from different thermal power plants was the main focus of this study. A dual-step methodology was conducted on ash samples, which involved an ultrasonic roasting process to disintegrate the silica matrix, followed by a microwave-assisted acid leaching step to extract REEs. The roasting procedure was studied using the Plackett–Burman design, and the Box–Behnken design was subsequently implemented to optimize the leaching procedure. The optimized ultrasonic roasting procedure was set up at 95 °C for 10 min with an ash-to-roasting agent (3M NaOH) ratio of 0.5:1 (m/V). For acid leaching, the optimal conditions were obtained at 174 °C for 30 min with an HCl ÷ HNO3 mixture (1:1 V/V). The standard reference material (NIST 1633c) was used in the conclusive experiments to estimate the average recovery (80%) of REEs. The green aspects of this methodology were evaluated using several metrics (atom economy, E-factor, and energy consumption). The proposed process outperforms high-temperature roasting procedures in terms of greenness; however, the REE recovery rate is lower.