The invention provides a technology for extracting and separating nickel and molybdenum from bone coal ore by vacuum carbothermal reduction. The technology comprises the following steps of grinding crude ore into powder of about 200 meshes, compacting the powder into globules, putting the globules into a vacuum furnace to heat the globules to a temperature of 1150 to 1250 DEG C, carrying out heat preservation for 2 to 3 hours, when sulfur steam converted from an element sulfur in the crude ore appears, recovering the sulfur steam in the form of sulfur by a condenser, wherein a temperature of the condenser in the vacuum furnace is in a range of 20 to 60 DEG C and thus the sulfur steam can be condensed on the condenser for recovery, cooling to a temperature below 300 DEG C in a vacuum state, opening the vacuum furnace, taking out the ore pellets obtained by the above steps, crushing the ore pellets into powder of about 200 meshes, recovering nickel in the ore pellets by magnetic separation to obtain nickel concentrate, wherein magnetic field intensity is in a range of 400 to 600 Gauss, and carrying out shaking table re-separation of tailings obtained by the magnetic separation for molybdenum recovery to obtain molybdenum concentrate. The technology reduces pollution on the environment and improves an operating environment for production line workers. The technology can realize high separation degrees of nickel and molybdenum. Through the technology, produce nickel concentrate with a high grade and molybdenum concentrate with a high grade can be obtained.