The invention relates to a method of separating and extracting rare-earths from rare-earth polishing powder waste and regenerating rare-earth polishing powder, which is characterized by: firstly, process the waste powder with first acid leaching, alkali roasting, and second acid leaching to separate and extract rare-earths from rare-earth polishing powder waste to obtain the leaching solution of rare-earth chloride; secondly, precipitate from the leaching solution with ammonia to remove impurities and hydrochloric acid solution to obtain the purified solution of rare-earth chloride; thirdly, co-precipitate from the solution acquired in the second step with hydrofluoric acid, ammonium bicarbonate, and dispersant to obtain the lanthanum cerium fluoro-carbonate; and finally, after drying, two-stage high-temperature calcination, and ball milling, the regenerated rare-earth polishing powder with decent polishing performance can be obtained. The total leaching efficiency of rare-earths in the rare-earth polishing powder waste of the present invention reaches more than 95%, and the total recovery efficiency of rare-earths reaches more than 93%, which realizes the efficient separation, extraction, and regeneration of rare-earths in the rare-earth polishing powder waste.