In this study, the NaOH-NaNO3 binary molten salt was proposed as a highly efficient technique to leach aluminum and chromium from aluminum chromium slag (ACS). Various factors, such as roasting temperature, roasting time, mass ratio of NaOH (or NaNO3)/ACS, water leaching temperature and time, were adjusted to investigate their influence on the activation and extraction of aluminum-chromium resources from ACS. Moreover, the roasting activation conditions were optimized by response surface methodology, and the optimal extraction rates of alumina and chromium (88.72% and 95.64%, respectively) were obtained with the roasting temperature of 451 °C, roasting time of 3.9 h, NaOH/ACS mass ratio of 5.39:1, and NaNO3/ACS mass ratio of 0.79:1. Kinetic studies showed that the roasting process was controlled by the diffusion of the product interface. Finally, based on the comprehensive analysis of leaching data and physicochemical properties change of ACS with roasting, the mechanism of NaOH-NaNO3-ACS activation was revealed: NaOH-NaNO3 melted and encapsulated the ACS during the roasting reaction, NaOH provided a strongly alkaline environmental medium, which facilitated the decomposition of NaNO3 into NaNO2 and reactive oxygen species, thus prompting the oxidative decomposition of aluminum-chromium solid solution to form NaAlO2 and Na2CrO4, further improving the leaching rate of aluminum and chromium.