The problem of spent fluid catalytic cracking (SFCC) catalyst resource utilization, draws more and more attention to system analysis. SFCC was leached in an oxalic solution for comprehensive utilization. The results showed that for a D50 ≤ 17.34 μm, the catalyst leached for 240 min at 95 °C in the presence of a 2 mol/L oxalic acid solution, and the extent of leaching of V, Ni, Fe, and Al was 73.4%, 32.4%, 48.2%, and 36.8%, respectively. Studies on the occurrence state of the main ions (V, Ni, Fe, and Al) in the leaching solution were presented. Additionally, the separation of the main ions from such a solution by the “solvent extraction-stripping-hydrothermal precipitation-comprehensive recovery of valuable metal” process was studied. The immobilization rates of vanadium and nickel in geopolymers can be obtained using the toxicity characteristic leaching procedure (TCLP) test, and the geopolymers prepared by SFCC leaching residues can be considered a non-hazardous material. A process diagram of the comprehensive utilization of SFCC catalysts is presented.