The main purpose of this article is to attract attention to the molecular emission of rare earth elements (REEs) in laser-induced plasma (LIP) as a potential opportunity in addition to traditional atomic and ionic LIBS. This is relevant for analyzing REE-bearing materials of various types during exploration, mining, and processing. The first potential application is preliminary radiometric sorting, which enables the removal of a substantial portion of the waste rock from the entire technological process, making the development of even relatively low-grade deposits profitable. Additionally, products may be derived from the old waste, resulting in a positive ecological impact. Promising directions include electronic waste sorting, quantification of REE in Nd–Pr–Fe-B and Sm-Co super magnets, remote detection in nuclear-related applications, and the analysis of a small amount of a specific REE in the presence of a higher level of another one.