Iron beneficiation tailings from the Bayan Obo West Mine constitute a low-grade secondary rare-earth resource in which rare-earth minerals are finely disseminated and intricately intergrown with gangue. This study quantified the modes of occurrence of rare-earth minerals and assessed an integrated flowsheet comprising screening, magnetic separation, and flotation. The feed contained 1.32 wt.% rare-earth oxides (REOs), as determined by X-ray fluorescence spectrometry (XRF) and inductively coupled plasma optical emission spectrometry (ICP-OES). X-ray diffraction (XRD), scanning electron microscopy coupled with energy-dispersive spectroscopy (SEM-EDS), and automated mineralogy (AMICS) further showed that monazite and bastnäsite hosted 47.39% and 39.19% of the total REOs, respectively. Screening at 74 μm rejected 32.60% of the feed as a coarse fraction containing 0.65 wt.% REOs. Subsequent wet high-intensity magnetic separation reduced the mass entering flotation to 54.35% of the original feed while retaining 74.94% of the feed REOs and increasing the REO grade to 1.82 wt.%. Closed-circuit flotation with one rougher and three cleaner stages yielded a concentrate containing 51.99 wt.% REOs at an overall recovery of 52.38%. Rare-earth minerals accounted for 82.55 wt.% of the concentrate, including 41.65 wt.% monazite and 33.96 wt.% bastnäsite. This study thus demonstrated the feasibility of producing a high-grade rare-earth concentrate from the low-grade, fine-grained iron beneficiation tailings of the Bayan Obo West Mine characterized by complex mineral intergrowths, providing a practical basis for further rare-earth beneficiation and flowsheet optimization.