The changing properties of energy waste force us to look for alternative directions of their use. The aim of the research presented in this paper was to indicate the possibilities of managing fly ashes from bituminous coal and lignite based on the observation of individual particles of these ashes. Innovative research techniques were used, among others: SEM with EDS detector and Image Analysis. Microscopic observations have shown that fly ashes are a heterogeneous material composed of particles occurring in three basic morphological forms: spherical, irregular and fine-detritic. A high proportion of spherical particles was found in bituminous coal ashes (rich in SiO2 and Al2O3), which gives them high pozzolanic activity. This kind of morphology and chemical composition make these ashes a potential material for zeolites synthesis. The amorphic phase of ash from lignite coal has aluminium–silicate-calcium chemical composition, which is what determines pozzolanic and hydraulic properties of these ashes. Magnetic separation of iron-rich particles may be a way to manage the researched ashes. One of the valuable components of hard coal ash are microspheres, which are characterized by high variability in chemical composition, so further utilization will require prior refining. The main component of irregular particles found in ashes is unburned coal and, to a lesser extent, a mineral substance. The separation of all useful components from the tested ashes before their further management will allow the full use of their raw material potential.