Slags from the Silesia–Cracow Upland (Poland), including ten historical slags (deposited in waste dumps) and four contemporary slags (from current production), were examined to compare their chemical and mineralogical properties as well as to assess their potential for the recovery of selected metals and critical raw materials. The historical slags associated with the smelting of polymetallic ores originating from Mississippi Valley-type (MVT) deposits consisted primarily of gypsum. The contemporary slags, obtained from industrial waste rich in zinc and lead, were predominantly spinels (magnesium-aluminate and ferric) that exhibited higher iron content (up to 46.6 wt% of Fe2O3) compared to the historical slags (up to 26.1 wt% of Fe2O3). The zinc content was similar for both the slag types (3.5 wt% Zn). The average titanium and arsenic contents in the old and contemporary slags were at the same level as well, with 0.21 wt% (Ti) and 0.13 wt% (As), respectively. The contemporary slags contained higher levels of critical raw materials, such as cobalt, nickel, copper, and manganese, compared to the historical slags. Rare earth elements (REEs) were also more abundant in the contemporary slags, with an average content of 212 ppm, while the historical slags averaged 124 ppm. These findings underscore the potential for recovering valuable metals and critical raw materials from such slags, presenting opportunities for resource optimisation and environmental management.