Coal is a resource primarily used for electric power generation, and currently supplies 41% of global electricity needs. Coal can also be considered as an economic source of strategically important elements, such as Ge, Ga, U, V, Se, rare earth elements, Y, Sc, Nb, Au, Ag, and Re, as well as base metals Al and Mg. The extraction and utilization of these critical elements from coal could result in a number of benefits, which will make this source an economically and environmentally attractive option especially for China, the U.S., Russia, India, and other countries that will remain major coal users for the foreseeable future. •Coal is an economic source of strategically important elements.•The industrial utilization of critical elements from coal ash could result in many benefits.•Uranium had been and Ge, Se, and V are being currently industrially extracted from coal ash.•Laboratory-scale technologies have been devised to extract REY from coal ash and will shift towards industrial recovery.