The present invention relates to a method of separating rare earth elements from rare earth polishing powder waste by a hydrometallurgical process, the method comprising the steps of: synthesizing sodium rare-earth double sulfates by adding sulfuric acid and sodium hydroxide to the rare earth polishing powder waste; converting the sodium rare-earth double sulfates into rare earth hydroxides; and separating cerium (Ce), lanthanum (La), praseodymium (Pr), and neodymium (Nd) from the rare earth hydroxides by adding hydrochloric acid and sulfuric acid. The present invention makes it possible to recover 99% or more of rare earth elements, including cerium (Ce), lanthanum (La), praseodymium (Pr), and neodymium (Nd) from rare earth polishing powder waste, and enables the recovered rare earth elements to be recycled, thereby achieving great industrial economic benefits.