There are still many utilization problems of vanadium in vanadium-titanium magnetite in our country. Especially for the low-grade ore, the traditional blast furnace-converter process has proved to be more difficult to realize the efficient extraction and utilization of vanadium. Therefore, a new technology was explored for the utilization of vanadium from titanium magnetite. The shaft furnace coal-based reduction and melting separation by electric furnace were used in this process to separate the iron and the vanadium, thus realizing the efficient utilization of the vanadium resources. The optimum processing parameters gained in the experiment are that the shaft furnace coal-based reduction is 11.5 h at 1 050℃, the metallization rate of sponge iron is 93%, and the reduction rate of vanadium can be controlled below 3.5%. Adding 3% borax to the reduction process can increase the metallization rate of sponge iron up to 98.16%. The reduction of the central part of the sample is better than that of the edge part.