Provided is a method which allows for strict control of an oxygen partial pressure required for the heating and melting of a raw material, and thereby more efficient recovery of a valuable metal. The method for recovering a valuable metal (Cu, Ni, and Co) includes the steps of: preparing a charge comprising at least phosphorus (P) and a valuable metal as a raw material; heating and melting the raw material to form a molten body and then converting the molten body into a molten product comprising an alloy and a slag; and separating the slag from the molten product to recover the alloy comprising the valuable metal, wherein the heating and melting of the raw material comprises directly measuring an oxygen partial pressure in the molten body using an oxygen analyzer, and regulating the oxygen partial pressure based on the obtained measurement result.