A method of separating, recovering and reusing components of an exhausted slurry used in slicing silicon wafers from a silicon ingot. In the method, the solid particles and lubricating fluid of the exhausted slurry are separated without decreasing the viscosity of the exhausted slurry. The separated lubricating fluid may be collected and reused in the preparation of a fresh slurry. Additionally, the silicon particulate and metal slicing wire particulate are dissolved and separated from the abrasive grains. The abrasive grains are separated into spent abrasive grains and unspent abrasive grains. The separated unspent abrasive grains are suitable for reuse in the preparation of a fresh slurry.