Discarded CFL samples are evaluated as a potential source of REEs (Y, Eu, Ce, Tb). The phosphors powder obtained from mechanical separation contains 31% rare earth values. The quantitative XRD analysis of phosphor sample yielded 39.9% red (YOX: Y1.90Eu0.10O3), 14.6% green (CAT: Al11Ce0.67MgO19Tb0.33), and 21.4% blue (BAM: Al10.09Ba0.96Mg0.91O17: Eu2+) phosphor along with 14.1% silica. Planetary ball milling was found promising in the liberation of REEs from given phosphor sample. A short milling of 20-30 min and 3-4 M acid concentration was found adequate for optimal recovery (> 90%) of REEs. Calcination of the precipitates resulted in the formation of REO with Y-Eu purity of > 98% and > 90% recovery rate. Eu, Y phase dissolution behavior was found completely different than Ce, Tb phase due to inert nature of Al11Ce0.67MgO19Tb0.33 till 120 min milling and 6 M acid concentration in leaching. Excessive milling promotes overall dissolution along with impurities dissolution and which further restrict the precipitation process. Based on the complete material balance 13 g of a mixed oxide of Y and Eu can be obtained from 100 units of CFLs.