Nd-Fe-B waste permanent magnet contains about 20~30% rare earth elements and about 60~70% iron elements, and the rare earth and iron components were recovered through sulfuric acid leaching and fractional crystallization. Oxidation roasting was not performed for separation and recover of the rare earth and iron elements. The leaching characteristics were confirmed by using as variables the sulfuric acid concentration and the mineral solution concentration ratio. Sulfuric acid leaching was carried out for 3 hours for each sulfuric acid concentration. The leached solid phase was characterized for its crystalline phase, composition, and quantitative components by XRD and XRF analysis, and the filtrate was analyzed for components by ICP analysis. With sulfuric acid leaching at 3M sulfuric acid concentration, neodymium compounds were formed, the iron content was the least, and the recovery rate was high. After the filtrate remaining after sulfuric acid leaching was subjected to fractional crystallization through evaporation and concentration, the neodymium component was found to be concentrated 7.0 times and the iron component 2.8 times. In this study, the recovery rate of waste permanent magnets through sulfuric acid leaching and a fractional crystallization method without an oxidation and roasting process was confirmed to be about 99.4%.