A complete process flowsheet to recover metal values from Sm2Co17-type magnet scrap was investigated. The magnet scrap was leached in chloride medium at pulp density of 2% (w/v) under the optimum conditions of 15% (v/v) HCl and 5% (v/v) H2O2 at 70 °C for 3 h, which yielded 98.5% Sm and 99% Co extractions. The full factorial Design of Experiment technique was adopted for the optimization of leaching conditions. Sm was selectively separated from the leach liquor as precipitated double salt using Na2SO4. The precipitated double sulfate was later converted to Sm-oxalate, which was subsequently calcined to produce pure Sm2O3. Following Sm separation, Fe was removed through precipitation by raising the pH to 3.0. For Cu and Co recovery, solvent extraction techniques using LIX 84I and Na-CYANEX 272, respectively, were followed. The McCabe–Thiele diagrams for extraction as well as stripping were presented for both Cu and Co.