This study investigated the removal of sulfur and iron from shungite rocks through different methods after fine grinding: flotation, magnetic separation, microwave treatment, and chemical leaching. In this work, first, a mineralogical study of shungite was conducted. The carbon, silica, iron, and sulfur compositions in the as-received shungite were 45.4%, 38.3%, 4.6%, and 2.4%, respectively. In flotation, a sulfur grade of 1.4% was obtained. In the wet high-gradient magnetic separation at a magnetic flux density of 1 tesla, the iron and sulfur grades in the nonmagnetic fraction were 2.8% and 1.9%, respectively. Furthermore, the sulfur reduced to 0.2% by the 9 min microwave irradiation. In addition, chemical leaching using chelating reagents and inorganic acids was utilized to remove iron and sulfur. Nitrilotriacetic acid (NTA) could reduce the iron and sulfur grades to 2.0% and 0.9%, respectively. For leaching using reverse aqua regia, the iron and sulfur grades were reduced to 0.9% and 0.23%, respectively. For leaching using a 6N HCl with H2O2 aqueous solution, the iron and sulfur grades were reduced to 0.8% and 0.34%, respectively. Overall, chemical leaching using HCl with H2O2 was the most effective for iron and sulfur removal from shungite.