The process of electrolytic production of Al–Y and Al–Sc alloys in an electrolyte based on potassium cryolite KF–NaF(10 wt %)–AlF3 with a cryolite ratio (CR) of 1.5, containing Al2O3, Sc2O3, or Y2O3 oxides, in a cell with vertical electrodes has been studied. The Fe–Ni–Cu alloy served as an inert anode. The wetted cathode was a graphite plate coated with the aluminum diboride. The electrolysis was carried out at a cathode current density of 0.2 A/cm2 and a temperature of 830°C. The Al2O3 mass was calculated based on the value of the current efficiency of 60%. The Sc2O3 additive was introduced into the melt in an amount of 1 wt %. The mass of the Y2O3 additive was chosen based on its solubility in the melt under study. For this, the influence of Y2O3 additives on the liquidus temperature of the quasi-binary mixture [KF–NaF(10 wt %)–AlF3 (KO = 1.5)]–Y2O3 was determined and it was found that, in contrast to Sc2O3 additives, which lower the liquidus temperature of the cryolite melt, small additions of Y2O3 lead to its sharp increase. It has been found that the efficiency of the electrolytic reduction of Y2O3 is 10 times higher than that of the aluminothermic reduction. Other things being equal, the efficiency of the electrolytic reduction of Y2O3 is higher than that of Sc2O3. Alloys Al–Y and Al–Sc with a REM content of 0.6 wt % have been obtained. However, the time to reach the maximum recovery of yttrium significantly exceeds the time to recover scandium. Metallographic studies of the obtained alloys indicated the presence of Al3Sc and Al2Y intermetallic compounds. A conclusion is made about the fundamental possibility of low-temperature electrolytic production of Al-REM alloys in cryolite melts based on potassium cryolite in vertical cells with an inert metal anode and a wettable cathode.