In this study, the fly ash taken from the Tuncbilek lignite fired power plant is characterized and separated from its byproducts. Fly ash is composed of unburned carbon, iron compounds typically of magnetite, pozzolanic material and cenospheres. A systematic study is conducted to establish the optimum conditions for the separation of these materials from fly ash. In this context, concentration techniques such as magnetic and gravity separations are put forward. All experiments show that the density differences between the byproducts of fly ash are one of the most important factors in the separation of fly ash. A flowsheet is developed on the basis of differences in gravities and magnetic susceptibilities of the byproducts.