More recent data of Greek bauxites from the Parnassos-Ghiona active mines prove that rare earth elements (REEs) occur mainly in the form of authigenic/diagenetic LREE<sup>3+</sup> carbonate and phosphate minerals (bastnäsite/parisite group and florencite). Bulk geochemistry of representative samples, from underground mines and open pits, showed an increased content in LREE (ΣLREE—from La to Gd—varying between 106 and 913 ppm; avg. ΣLREE = 321 ppm; <i>n</i> = 17), and lower HREE (ΣHREE—from Tb to Lu including Y—varying between 45 and 179 ppm; avg. ΣHREE = 95; <i>n</i> = 17). The overall REE concentration (ΣREE + Y+Sc) varies from 192 to 1109 ppm (avg. 463 ppm; <i>n</i> = 17). The most abundant REE is Ce (min: 67 ppm; max: 655 ppm; avg. 193 ppm; <i>n</i> = 17), exhibiting in general a positive geochemical anomaly (avg. Ce/Ce* -Ce<sup>A</sup>-: 2.6), identical to the case of marine Fe–Mn-crust and terrestrial desert vanish, implying also that Ce<sup>4+</sup> may exist either in REE-oxides and/or epigenetically sorbed in Fe-oxides. On the other hand, Nd content, which is more interesting for the industry, is lower (avg. 41 ppm; n = 17). The concentration of REEs is much higher in Fe-rich (red) bauxite, compared to Fe-depleted (white) bauxite (avg. ΣREE + Y+Sc = 569 ppm and 268 ppm, respectively). The new data presented herein show a rather lower REE potential of Parnassos-Ghiona bauxites, compared to previous literature, but similar values compared to karst-type bauxites of the globe. Although their REE concentration is higher compared to that of various geochemical reference materials (i.e., positive REE geochemical anomalies in comparison with chondrites, UCC, PAAS, NASC, and ES), it is vitally lower compared to REE resources being mined, such as REE–Fe–Nb–Th deposits. A trend similar to REE geochemical trend also stands for most of the trace elements that are present in Greek bauxites—mainly HFSE—except for LILE. Besides, Greek bauxite metallurgical residue’s (red mud) REE content seems to be remarkably increased by almost two times compared to that of the Parnassos-Ghiona bauxite parent material. Scandium is another critical element. In the studied bauxites, it varies from 29 to 73 ppm (avg. 47 ppm; <i>n</i> = 17); it is typical for the Mediterranean and EU bauxites and laterites, but much lower compared to the exploitable Australian laterites. The Fe-rich samples contain higher concentrations of Sc compared to Fe-depleted (avg. 54 and 33 ppm, respectively). This means that common red Greek bauxite is rather more exploitable, with regard to Sc (and the rest REE), but not the white one (which is of high quality in terms of Al). Bulk geochemistry indicates that Sc is correlated to Fe but not to Zr, while microscale observations demonstrated the presence of fine-grained scandian-zircons. This is in line with a very recent study proving that Sc is mainly present in Fe-oxide minerals (mainly hematite and goethite) and zircons. Bulk geochemical Fe–Pb and Fe–As positive correlations are also verified among the associated trace elements. Finally, the investigation of the REE vertical distribution in a characteristic deposit of the B3 horizon (i.e., Pera Lakkos mine case study), showed that the REE concentration is increased in the Fe-rich domain (lying above the footwall limestone), as well as in the coal layer interstratified between the Fe-depleted domain and the hanging wall limestone. However, it is revealed that the Ce/Ce* (Ce<sup>A</sup>) is increased in the coal layer and is raised to the uppermost Fe-depleted domain, but not the lowermost Fe-rich bauxite domain. This might be attributed to the Ce<sup>3+</sup> ↔ Ce<sup>4+</sup> and the LREE re-mobilization during the supergene/epigenetic processes.