Oilfield brine is the largest byproduct stream generated during the extraction of crude oil and natural gas and may be considered a resource for the production of potable water and valuable raw materials. The high salinity of such waters limits the application of typical membrane-based techniques. In most oilfields, waste cold energy from the process of the low-temperature separation of natural gas is available and may be used as a source of cold for the freezing desalination (FD) of brine. As a result of the FD process, two streams are obtained: partially desalinated water and concentrated brine. The partially desalinated water may be suitable for non-potable applications or as a feed for membrane desalination. The concentrated brine from the FD could be used as a feed for the recovery of selected chemicals. This paper focuses on verifying the above-described concept of the freezing desalination of oilfield brine on a laboratory scale. The brine from a Polish oilfield located in the Carpathian Foredeep was used as a feed. Four freezing–thawing stages were applied to obtain low-salinity water, which subsequently was treated by reverse osmosis. The obtained permeate meets the criteria recommended for irrigation and livestock watering. The concentrated brine enriched with iodine (48 mg/L) and lithium (14 mg/L) was subjected to recovery tests. Ion exchange resin Diaion NSA100 allowed us to recover 58% of iodine. Lithium recovery using Mn- and Ti-based sorbents varies from 52 to 93%.