Black shale ore contains rich strategic metal resources such as vanadium, nickel, and molybdenum, but due to its complex composition, it is currently only used in the vanadium extraction industry. Metals such as nickel and molybdenum have not been effectively recovered, resulting in environmental pollution and resource waste. Using mineralogical features and a combination of beneficiation and metallurgy-based tests, the present work carried out feasibility studies of the combined beneficiation and metallurgy processes. The mineralogical features of the stone coal sample were studied using chemical analysis, an automatic mineral analyzer (BPMA), etc., and we identified the main phase composition, embedded characteristics, and particle size distribution of the associated strategic metals, vanadium, nickel, and molybdenum. The results showed that the grade of V2O5 in the stone coal was 1.29%, which was mainly present in carbonaceous clay and mica minerals. The nickel grade was 0.53%, mainly in the form of nickel–magnesium spinel and a small amount of nickel-containing magnesite. The stone coal contained 0.11% molybdenum; the mineral particles were fine, mostly in the form of molybdenite, and some were associated with carbonaceous matter and carbonaceous clay minerals. Based on the mineralogical feature, we proposed using the scrubbing–desliming and flotation process to enrich vanadium, nickel, and molybdenum. Our preliminary experiments obtained two products: vanadium–molybdenum-rich sludge and nickel-containing tailings. The V2O5 and molybdenum grades in the sludge were 4.10% and 0.44%, respectively, and the recovery was 41.31% and 51.40%, respectively. The nickel grade in the tailings was 1.49%. These products were roasted and leached. The vanadium, nickel, and molybdenum in the stone coal were effectively recovered through the beneficiation–metallurgy combination process, and the comprehensive utilization rate of the stone coal was improved.