Recovery of valuable metal from copper electric furnace slag (CEFS) is of great interest for saving minerals and reducing pollution. XRF, XRD, mineral liberation analysis (MLA), and batch tests were conducted to investigate the mineralogical and recovery of copper and iron from CEFS. Based on the mineralogical characteristics, a flotation and magnetic combined process was proposed and evaluated for the recovery of copper and iron. The results show that copper in CEFS main distribute in chalcopyrite, copper matte, and bornite, while iron distribute in magnetite, fayalite, and pyroxene. The proposed process involves the recovery of iron via magnetic separation from flotation tailings after recovering copper from CEFS by flotation. 72.79% of copper and 20.41% of iron were recycled from CEFS where the grades of copper and iron concentrate were 19.86% and 50.69%, respectively. This is a significant finding. Engineering application clearly proved that recycling copper and iron from CEFS by this combined process has significant economic, social, and environmental benefit.