The invention relates to a system for recycling fluidized bed boiler bed material, comprising: a. a bottom ash removal device for removing bed material from a fluidized bed boiler, b. a mechanical classifier (10) comprising a mesh size from 200 to 1,000 μm designed to separate a coarse and a fme particle size fraction, c. a magnetic separator (12) designed to magnetically classify the fine particle fraction from the mechanical classifier, d. a device for recirculating the magnetic particle fraction into the boiler. The invention allows effective recirculation and reuse of ilmenite bed material.