The results obtained from the work on a concept of a recycling process for NdFeB magnets to recover rare earth elements for remanufacturing similar magnets are presented. This paper investigates the viability of extracting rare earth metals from magnet recycling-derived oxide (MRDO) by means of molten salt electrolysis. The MRDO was produced from spent NdFeB magnets through oxidation in air and subsequently carbothermic reduction under an 80 mbar Ar gas atmosphere. This MRDO contained roughly 33 wt.% Nd and 10 wt.% Pr. The electrochemical reduction process of the MRDO on molybdenum electrodes in NdF₃ + LiF and NdF₃ + PrF₃ + LiF fused salts systems was investigated by cyclic voltammetry and chronoamperometry measurements. The resulting electrolytes and electrodes were examined after potentiostatic deposition by scanning electron microscopy (SEM), inductively coupled plasma optical emission spectroscopy (ICP-OES), and X-ray diffraction (XRD) analysis. The electrodeposited metals appeared to accumulate on the cathode and X-ray diffraction analysis confirmed the formation of metallic Nd and Pr on the working substrate. The suitability of the obtained alloy intended for the remanufacturing of NdFeB magnets was then evaluated.