Research on the recycling of waste printed circuit boards (PCB) is at the forefront of environmental pollution prevention and resource recycling. To effectively crush waste PCB and to solve the problem of secondary pollution from fugitive odors and dust created during the crushing process, a wet impacting crusher was employed to achieve comminution liberation of the PCB in a water medium. The function of water in the crushing process was analyzed. When using slippery hammerheads, a rotation speed of 1470 rpm, a water flow of 6m(3)/h and a sieve plate aperture of 2.2mm, 95.87% of the crushed product was sized less than 1mm. 94.30% of the metal was in this grade of product. Using smashed material graded -1mm for further research, a Falcon concentrator was used to recover the metal from the waste PCB. Engineering considerations were the liberation degree, the distribution ratio of the metal and a way to simplify the technology. The separation mechanism for fine particles of different densities in a Falcon concentrator was analyzed in detail and the separation process in the segregation and separation zones was deduced. Also, the magnitude of centrifugal acceleration, the back flow water pressure and the feed slurry concentration, any of which might affect separation results, were studied. A recovery model was established using Design-Expert software. Separating waste PCB, crushed to -1mm, with the Falcon separator gave a concentrated product graded 92.36% metal with a recovery of 97.05%. To do this the reverse water pressure was 0.05 MPa, the speed transducer frequency was set at 30 Hz and the feed density was 20 g/l. A flow diagram illustrating the new technique of wet impact crushing followed by separation with a Falcon concentrator is provided. The technique will prevent environmental pollution from waste PCB and allow the effective recovery of resources. Water was used as the medium throughout the whole process.