The recent increase in interest in rare earth elements is due to their increasing use in many areas of life. However, along with their increasing popularity, the problem of their natural resources availability arises. In this study, an alginate–lignin composite (ALG-L) was fabricated and tested for adsorptive abilities of the rare earth elements (La(III), Ce(III), Pr(III), and Nd(III)) from aqueous solutions. The characterization of the newly synthetized calcium alginate–lignin composite was performed using ATR/FT-IR, SEM, EDX, OM, AFM, XRD, BET, sieve analysis and pHpzc measurements. The adsorption mechanism of the ALG5L1 composite for REEs was analyzed through a series of kinetic, equilibrium and thermodynamic adsorption experiments. Under the optimum sorption conditions, i.e., sorbent mass 0.1 g, pH 5.0, temperature 333 K, the maximum adsorption capacities of the ALG5L1 composite for La(III), Ce(III), Pr(III), and Nd(III) reached 109.56, 97.97, 97.98, and 98.68 mg/g, respectively. The desorption studies indicate that the new calcium alginate–lignin composite is characterized by good recycling properties and can be also reused. To sum up the advantages of low cost, easy synthesis, high adsorption efficiencies and reusability indicate that the ALG5L1 composite has great application perspectives for REEs recovery.