A process for recovering valuable metals from an iron dust using a shaft furnace is disclosed. The iron dust is agglomerated and supplied into a the shaft furnace together with a lump coke and a flux. Valuable metal oxides contained in the iron dust are reduced in this shaft furnace. Volatile metals containing zinc and lead among the valuable metals thus reduced are volatilized within the shaft furnace and reoxidized, and then discharged from the shaft furnace together with an exhaust gas so as to be recovered as a crude zinc oxide. The reduced metal iron and slag are accumulated on a bottom portion of the shaft furnace in their molten states, and then separated and recovered.