The invention relates to a multi-component recovery and ore dressing method for iron tailings of associated rare earth minerals, and belongs to the field of mineral machining engineering and comprehensive recovery and utilization of resources. The method comprises the steps that the iron tailings of the associated rare earth minerals are subjected to bulk flotation of rare earth minerals and fluorite minerals to obtain bulk flotation concentrates and bulk flotation tailings; the bulk flotation concentrates are subjected to high-intensity magnetic separation at magnetic field strength of 0.4-1.0T to obtain high-intensity magnetic separation concentrates and high-intensity magnetic separation tailings; the high-intensity magnetic separation concentrates are subjected to rare earth flotationto obtain rare earth flotation concentrates and rare earth flotation tailings, high-intensity magnetic separation tailings are subjected to fluorite flotation to obtain fluorite flotation concentratesand fluorite flotation tailings; and the bulk flotation tailings after being dewatered and dried are roasted in reducing atmosphere, the minerals obtained after roasting are subjected to low-intensity magnetic separation at 0.1-0.3T to obtain low-intensity magnetic concentrates and low-intensity magnetic tailings. Three concentrates, that is, rare earth concentrates, fluorite concentrates and iron concentrates and niobium-rich slag are finally obtained so as to improve the comprehensive utilization ratio of the iron tailings of the associated rare earth minerals.