The invention belongs to the field of metal resource recycling, and particularly relates to a method for extracting and recovering rare earth elements in neodymium-iron-boron waste through liquid metal bismuth. Firstly, the metal bismuth is melted in an induction heating furnace; waste neodymium-iron-boron are added into the liquid metal bismuth, heating is carried out, the neodymium-iron-boron waste is melted, liquid-liquid phase separation is carried out, and a bismuth-rich immiscible solution and an iron-rich immiscible solution are formed; then heat preservation is carried out, the rare earth elements in the neodymium-iron-boron waste are enriched in the liquid metal bismuth, a bismuth rare earth alloy melt is formed, and an iron-rich liquid phase is a ferroboron alloy melt; and finally, the two alloy melts completely layered up and down (the ferroboron-rich alloy melt is located on the upper layer and the bismuth rare earth alloy melt is located on the lower layer) are separated.Refined Fe-B alloy can be cyclically used for producing neodymium-iron-boron permanent magnet materials; and metals Bi, Nd and the like in bismuth rare earth alloy can be separated through vacuum evaporation. Under the condition of environmental friendliness, the rare earth elements such as neodymium in the neodymium-iron-boron are separated through one step, and iron and boron elements are recycled.